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Ethereum price is currently in the red, along with the broader crypto markets, as the markets continue to deal with the knock-on effects of the FTX collapse. However, the recent price action shows that the bulls are looking for a 30% upside move.
SBF of Binance and FTX to Face House Committee
The House Financial Services Committee has summoned Sam Bankman-Fried (SBF) and Binance to appear in December amid an investigation into the demise of one of the largest cryptocurrency exchanges.
Rep. Maxine Waters (D-Calif.), chair of the House Financial Services Committee, and Rep. Patrick McHenry (RN.C), a prominent member of the Financial Services Committee, indicated Wednesday that hearings would try to be scheduled. What caused the sudden implosion of FTX, and other related firms, Alameda. The House committee will also explore “the wider implications for the digital asset ecosystem.” The official statement reads,
“The collapse of FTX has caused tremendous losses to over a million users, many of whom were everyday people who invested their hard-earned savings into the FTX cryptocurrency exchange, only to see it all wiped out in a matter of seconds. has disappeared,”
Binance, the largest exchange by daily trading volume, will also be grilled by the House committee. Questions are being raised about whether Binance contributed to the liquidity crisis at FTX when it announced its decision to liquidate up to $580 million in FTT (the token native to FTX) via Twitter.
Authorities in the United States and the Bahamas have launched an investigation into FTX and related companies for the role they may have played in one of the worst crashes of the crypto market, which saw investors lose billions of dollars.
Ethereum Prediction: Bleeding ETH, But For How Long?
Ethereum price traded under $1,212 after selling under selling pressure at $1,350. The push to support at $1,070 came after the newly announced Industry Recovery Fund by Binance. Investors have welcomed the move by Changpeng Zhao (CZ) to help businesses negatively affected by the FTX explosion.
The moving average convergence divergence (MACD) indicator shows that the bears are currently in control, as seen by the back-to-back red bars.
There is a heavy support for Ethereum at $1,200. If ETH gets there, sidelined investors could jump in, which could see the price rise 30% to $1,600 if market conditions improve.
Ethereum Is In The Buy Zone, Shows On-Chain Analysis
According to Sentiment’s Market Value Realized Value (MVRV) profit/loss model, the second largest cryptocurrency is back in the buy zone. The MVRV reading is -5.73, well below the mean line 1.
Investors are underestimating crypto assets when the ratio falls into negative territory.
The MVRV model tracks the profit/loss of holders of ETH by comparing the price at which those tokens move with their current market value. A reading above 1 means that the asset is overvalued, thus encouraging selling activities among investors.
The supply distribution metric shows that some investors are already buying Ether at a lower price. The chart below shows that the number of addresses holding between 10,000 and 100,000 ETH coins has increased from the monthly low of 1,152 to 1,182. It could be that investors who sold Ethereum as the FTX crash wrecked the market are now buying back the same tokens.
Ethereum Alternatives Offering Sharp Profits
Traders looking for quick profits have started looking for pre-sales that have performed particularly well this year despite the bear market. Below is an outline of one of the major pre-sales.
Dash 2 Trade (D2T)
Dash 2 Trade is a world-class crypto analytics and social trading platform, making it easy for investors to make informed decisions using actionable market data. In the center Dash 2 Trade Ecosystem is D2T – an ERC-20 token Built on the Ethereum blockchain.
Think of Dash 2 Trade as an all-in-one terminal where investors can access accurate and timely market data to test trading strategies that allow them to take advantage of opportunities in the market.
D2T is currently selling for 0.0513 USDT, but this price will increase to 0.0533 USDT in the next pre-sale phase.
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