Ether (ETH), the cryptocurrency that powers the smart-contract-enabled Ethereum blockchain, fell below $1,500 and hit its lowest level in nearly a month at $1,460 on Monday. At the current level of $1,480, the world’s second largest cryptocurrency by market capitalization was trading about 2.0% lower over the past day, with losses from the first monthly high of $1,700 now more than 13%. This still leaves the cryptocurrency down by around 25% on the year, although such gains can be quickly given back to the crypto markets.
Regulatory concerns weigh on ETH
The cryptocurrency market is plagued by fears about aggressive US regulatory action. reports surfaced At the end of the week the US SEC is going to sue US-based BSD stablecoin issuer Paxos Trust Company for breaking investor protection laws over the stablecoin’s unregistered securities offering. The move has drawn significant criticism from the crypto community, noting how investors can “expect to profit” when buying a stablecoin like BUSD, which is designed to be stable in value.
it comes after Kraken Entered into a settlement with the SEC and shut down its crypto-expressed program, which was also labeled by the SEC as an unregistered security. since the ethereum blockchain Switch to Proof-of-Stake mechanism in September 2022, creating uncertainty for US regulatory action against staking services in the US Ethereum Network Verifier.
Head of Business Development for the Decentralized Autonomous Organization (DAO) that manages the Decentralized Finance (DeFi) protocol Lido Finance Jacob Blish recently said The SEC’s move to crack down on betting could have uncertain consequences for decentralized finance. Lido Finance is the largest decentralized finance protocol offering ETH liquid staking services.
Elsewhere, officials at the largest US exchange Coinbase, which also operates an ETH staking service, said at the end of the week that they would “happily defend” it in the US courts.
Price Prediction – Where’s Next for ETH?
ether For now it has found support at its 50-day moving average (DMA) at around $1,470, but a test of the 200DMA at $1,440 is a possibility if regulatory concerns continue to dampen near-term sentiment. However, traders may be reluctant to chase another major decline on Monday, given the closeness of Tuesday’s key US consumer price index (CPI) data for January, which will further inform the US Federal Reserve’s policy outlook. .
can give a negative surprise ETH Take a breather and watch the cryptocurrency return to $1,500. However, an upside surprise for Consensus, which is already predicting a MoM acceleration in price pressures, could trigger a decline to the next key area of resistance. This is around $1,350, where the December high, the 100DMA and the November/December uptrend are all in place.
ETH Alternatives to Consider
As discussed above, the near-term outlook for ETH is volatile. Traders looking for quick profits may prefer to consider other high-potential tokens, such as those sold in pre-sales by promising up-and-coming crypto projects. We’ve reviewed some of the best candidates in this list of the top 15 cryptocurrencies for 2023, as analyzed by… crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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