26 Apr, 2024

Navigating Ethereums Peaks, Valleys, and Technical Resistance

Ethereum (ETH) has been a focal point of attention in the cryptocurrency market, with recent developments shedding light on its price movements and investor sentiments. As ETH's price action moves between bullish and bearish territories, analysts and traders alike are closely monitoring key metrics to gauge its trajectory.Analyzing Outflow and Price MovementAmid the bullish price action, Ethereum experienced a notable surge in outflow from exchanges, signaling a bullish sentiment among investors. With the price comfortably above the $3,000 mark and rallying by over 6% in the past week, investors seemed optimistic about ETH's potential for further gains. Notably, renowned crypto analyst “Titan of Crypto” highlighted this trend, pointing to significant outflows of over 260,000 ETH, equivalent to more than $781 million, from exchanges within the past seven days.Whale Accumulation and Market SentimentEven as the market sentiment turned bearish in the last 24 hours, leading to a slight decline in ETH's price, whale accumulation continued unabated. Figures like Justin Sun were observed accumulating ETH, further corroborating the bullish outlook. Despite ETH's price dip of over 2% in the short term, the overall sentiment remained optimistic, with Ethereum trading at $3,165.53 and boasting a market capitalization of over $386 billion.Technical Analysis and Price ResistanceHowever, technical indicators paint a different picture of Ethereum's price movement. Attempting a recovery wave above the $3,125 zone, ETH faces resistance at the $3,200 level. The presence of a key rising channel with support at $3,140 on the hourly chart of ETH/USD indicates potential price fluctuations. Immediate resistance is observed near $3,180, followed by major hurdles at $3,200 and $3,240.Potential Downsides and Support LevelsIn the event of ETH failing to clear the $3,180 resistance, a continuation of downward movement is anticipated. Initial support lies at $3,125, with significant support zones at $3,075 and $3,030. A price below $3,030 could pave the way for further losses, potentially leading to a test of the $2,880 and $2,750 levels.Navigating Ethereum's Path ForwardAs Ethereum navigates through fluctuating market conditions, investors and analysts must remain vigilant of both bullish and bearish indicators. While whale accumulation and bullish price action signal optimism, technical resistance levels and potential downside risks warrant careful consideration. With the cryptocurrency landscape evolving rapidly, staying informed and adaptable is crucial for charting Ethereum's path forward amidst market uncertainties.

22 Apr, 2024

Lao Government to Raise Value-Added Tax Rate to 10%

The Lao government has announced plans to raise the value-added tax (VAT) rate from 7 percent to 10 percent as part of efforts to enhance state budget revenue and support economic and social development in the country.However, the decree issued on March 19 lacks specific details regarding the implementation date of the proposed increase, pending approval from various sectors of the Lao government.“The decree is currently awaiting a record letter from the Lao National Assembly. Following this, the Department of Taxation will also seek a letter of record from the Ministry of Justice,” a government source says. “The decree will come into effect 15 days after these approvals are obtained.”Under the revised plan, the VAT rate of 10 percent will be applicable to a range of transactions, including imports, goods, general services, mineral imports, and supply, as well as electricity usage.The adjustment would restore the VAT rate to its original level, which was in place from 2010 to 2021. The reduction in VAT rate, initiated from 1 January, 2022, was part of the Lao government’s efforts to stimulate economic recovery following the COVID-19 pandemic.With the expected increase in VAT, local residents are currently concerned about the potential rise in the prices of goods and services. This worry is compounded by the increasing inflation rate, raising concerns about affordability.“The cost of everything is increasing, including essential goods, water, and VAT, while salaries remain unchanged,” one social media user wrote, expressing concern about whether their family will be able to afford housing amidst these financial challenges.Regarding salary adjustments, it’s reported that many companies in Vientiane are yet to raise their minimum wages, despite the government’s approved increase in 2023. Only 10 percent of companies in the capital city have complied with the mandated wage guidelines.