Ether is attempting to go below a short-term range's bottom bound!
Like other significant cryptocurrency pairings, ETH/USD was not exempt from worries about interest rates and global growth, which are causing traders to second-guess investing in "risky" investments like cryptocurrencies.
The U.S. Securities and Exchange Commission (SEC) claimed that Kraken, a major cryptocurrency exchange, offered and sold unregistered securities using its staking platform, and that the exchange will pay the SEC $30 million in settlement AND end its staking program. This allegation caused additional damage to Ether.
Investors in the world's largest economy will no longer have a valid reason to keep ETH and other comparable tokens as a result of threats against staking prospects there.
After its consolidation just over $1,600, ETH/USD fell, trading all the way to the $1,525–$1,550 range.
As you can see, the prices of ETH/USD at the moment neatly correspond to a support zone that has been sustaining ETH bulls since late January.
Will the support continue to hold for today? Or will the ETH/USD price breakout to the downside?
Although Stochastic has just reached "oversold" levels, it doesn't appear that there is currently sufficient bullish pressure to for the oscillator to flip higher.
I'll be watching for trader reactions to yesterday's headlines during the Asian and European session.
The price of ETH/USD may break out of its weeks-long range and move toward important levels like $1,400 if traders concentrate on their worries about global growth and staking chances in the U.S.
However, ETH/USD may find some support and potentially rebound back to its mid-range or range resistance levels if economic themes develop to favor risk-taking close to the conclusion of the week.
