Ethereum Market Outlook: ETH/USD charges towards $300, developers encourage community to hack ETH 2.0

Ethereum core developer, Danny Ryan, has thrown an open challenge to coders to crack the recently-released ETH 2.0 "attacknets." The mechanics of the challenge are available on GitHub.

Ethereum has urged the participants to remain ethical and ensure that private data remains confidential. Any coder who is submitting an issue should prove that they carried out the attack themselves and offer all the related technical details. 

As per Ethereum, the program will encourage and reward those who help in improving the blockchain. Hackers who can successfully take down a network will receive a $5,000 reward in either ETH or DAI. Ryan noted that while the current attacknets are relatively small and easy to hack, the subsequent ones will be tougher.

ETH/USD daily chart

ETH/USD bulls continue their unrelenting charge towards the $300 price level as they stayed in control for the fifth straight day. The price has gone up from $279.56 to $283.60. The has been sitting on the upper curve of the 20-day Bollinger Band for three straight days. This, along with the RSI is trending above 70, shows that the asset is presently overvalued and may soon face bearish correction. The MACD shows increasing bullish market momentum. ETH/USD has two healthy support levels on the downside at $247.14 (SMA 20) and $237.75 (SMA 50).

Key levels