Reddit has just announced a new partnership with the Ethereum Foundation, its first-ever blockchain partnership. The idea is to bring the value of ETH to millions of Redditors around the world.
Months ago, several subreddits introduced their own tokens like r/CryptoCurrency which created Moons. These were launched on the Rinkeby Network but are tradeable and worth quite a lot. The idea behind these tokens is to allow users to take control of the governance of certain subreddits, as well as get rewarded with exclusive badges, emotes, or gifs. Moons are currently acquired by posting and getting Karma.
Reddit stated that it’s planning to launch several applications in the near future and is currently hiring Blockchain developers.
Ethereum price defends crucial support level
After hitting a new all-time high at $1,475, ETH price got rejected significantly and dropped to a low of $1,207 on January 27. The support level established at $1,215 has been a robust point for the bulls which have defended it on several occasions in the past.
This level held again and Ethereum price has bounced 6% towards $1,300. Currently, on the 1-hour chart, bulls have established a higher low at $1,222 and aim to hit a higher high above $1,307 which would confirm an uptrend as they have re-conquered the 12-EMA and the 26-EMA support levels.
On the daily chart, the most significant support level at $1,162 which is the 26-EMA remains intact. Today bulls have just defended the 12-EMA again which indicates that a potential rebound towards a new all-time high is very likely.
The Eth2 deposit contract now holds around 2.84 million ETH and can hold up to 10 million in the long-term. The percentage of Ethereum coins inside exchanges has dropped by 3% since the beginning of 2021, again indicating that most people are not interested in selling, adding buying pressure.