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Ethereum (ETH) dropped roughly 2.4% on Feb.8, trading in the $2,600 region after struggling to hold its ground above key support levels. This movement is highly correlated with the Bitcoin movement, which has also seen bearish pressure and has been trading in the 95k range. This has pushed whales to another budding project in the crypto landscape.
Ether’s Fall: Recovery Possible?
One of the main contributors to the drop in Ethereum’s (ETH) price is macro factors and market sentiment. The broader crypto space has been under a cloud of uncertainty amid regulatory scrutiny, and the ongoing global economic situation with Trump tariffs, as per ABC News.
Further, Ethereum’s (ETH) gas fees fell under 1 gWEI–the lowest since Sept. 2024. This has pushed the asset’s price under the $2600 mark as markets await more decisive on-chain activity, according to analysts at Cryptopolitan.
Technical analysis at this stage indicates that Ethereum (ETH) could not endure above the 200-day moving average, a key indicator frequently observed by traders to evaluate long-term trends. Ethereum’s (ETH) price actions exhibited a bearish break below essential support zones of around $2,700, indicating increased selling pressure. With some overhead resistance near the $3,200 zone and an ideal buy zone forecasted for the range of $2,100-$2,044, the current trajectory for Ethereum (ETH) suggests a consolidation phase that could lead up to a bullish reversal.
Elluminex To The Moon
Elluminex, widely known as the DeFi hub, is an emerging project in the crypto landscape. It is designed to function as an all-in-one DeFi hub in one place and hopes to deal with the long-standing pain points that have existed in the DeFi space: fragmented liquidity instances, costly transactions, overly complex interfaces, and limited access to early-stage opportunities. The DeFi project is accessible on both Ethereum and Telegram Open Network (TON) chains.
Elluminex (ELX) is ready to reshape the Decentralized Finance (DeFi) space by utilizing the TON, a blockchain with over 950 million users and over 1 billion transactions.
The distinguishing factor for Elluminex is the first-class integration with the TON blockchain and its connection to Telegram, which puts it in a unique position to mimic the successes of Jupiter on Solana.
Advanced Features Of ELX
Elluminex offers a plethora of advanced features based on the needs of both veteran and novice DeFi users. Its DEX enables low-slippage, cross-chain trading with high liquidity across multiple major chains. There are staking and farming options, allowing the community to earn competitive rewards in their support for the network.
An AI-powered portfolio tracker provides real-time insights into performance, thereby empowering informed decisions, while a cross-chain bridge allows easy transfer of assets for ease of interoperability.
Presale Of Elluminex ($ELX)
The Elluminex Academy, on the other hand, will equip users with the tools needed to navigate the complexities of DeFi and blockchain technology. The presale price of $0.06 for the $ELX token has made it reasonably instrumental while also granting users exclusive early access to new TON token projects through its pre-market platform. Further, by selling over 5.4 million tokens and raising $325,429 already, the presale is soon to enter its second stage where users can get their hand on $ELX at a higher price of $0.08.
With a deflationary model underpinned by the burn mechanism, the presale price of $0.06 has excited much chatter within the crypto industry. Some forecasters suggest that the deflationary model could potentially offer significant upside, though outcomes remain speculative.
Join the community and make Elluminex part of your portfolio today!
Website: elluminex.com/
X (Twitter): https://x.com/elluminex
Telegram: https://t.me/Elluminex
YouTube: https://www.youtube.com/@Elluminex
Medium: https://medium.com/@Elluminex
Elluminex is unique in that it is bringing DeFi to the TON Network/Blockchain which at the moment is very limited in this sense with very few options available to its users. Despite this the TON Network is still the fastest growing blockchain in the world and many view it as a future powerhouse to rival Bitcoin, Ethereum and Solana.
By bringing DeFi to the TON Network, it would immediately transform the chain and take its capabilities and vast reach to the next level. (ELX is a transformative crypto for the TON chain)
Simply having lots of token holders and liquidity means nothing if project owners, developers are not able to tap into and utilise it, and crypto users are not able to trade it freely and seamlessly.
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Elluminex
Andy
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