Flow Abandons Rollback Plan to Avoid Trust Crisis After $3.9M Exploit
- Rollback Plan Canceled: The Flow Foundation has abandoned its proposal to roll back the blockchain after a $3.9 million exploit, avoiding a potential precedent that could undermine decentralization trust, reflecting the importance of community feedback.
- Exploit Impact: The exploit caused Flow's native token to drop over 20% within 24 hours, indicating the market's heightened sensitivity to security and transaction finality, which further exacerbated investor anxiety.
- Revised Recovery Plan: The updated recovery plan will be implemented in phases, with the first phase focusing on account restrictions and investigations, expected to take several days, although the likelihood of recovering all affected assets remains unclear.
- Governance Risk Consideration: This incident highlights the governance challenges faced by layer-1 networks in response to security failures, as Flow's choice to preserve chain history reduces governance risk, albeit potentially leading to asset recovery and operational downtime issues.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH) As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 734.244 | 1241.022 | 1701.084 | 2207.862 | 2667.924 | 3174.702 | 3634.764 |
| Fibonacci | 1241.022 | 1610.355 | 1838.529 | 2207.862 | 2577.195 | 2805.369 | 3174.702 |
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