Skip to content Skip to sidebar Skip to footer

Ethereum price is currently in the red, along with the broader crypto markets, as the market continues to deal with the ripple effects of FTX’s collapse. However, recent price action suggests that bulls are looking for a 30% upside move.

Binance and FTX’s SBF will face the House Committee

The House Financial Services Committee called on Sam Bankman-Fried (SBF) and Binance to appear before it in December as part of investigations into the causes of the demise of one of the largest cryptocurrency exchanges.

Rep. Maxine Waters (D-California), chair of the House Financial Services Committee, and Rep. Patrick McHenry (RN.C.), a renowned member of the Financial Services Committee, hinted Wednesday that the hearing would seek to determine what triggered the sudden implosion of FTX and related company Alameda, among others. The House committee will also seek to uncover the “wider implications for the digital asset ecosystem.” The official statement says,

“The downfall of FTX caused massive harm to over a million users, many of whom were everyday people who invested their hard-earned life savings in the FTX cryptocurrency exchange, only to see it all disappear in a matter of seconds. seconds”,

Binance, the largest exchange by daily traded volume, will also be grilled by the House committee. Questions arise as to whether Binance contributed to the liquidity crisis at FTX when it announced via Twitter the decision to liquidate up to $580 million in FTT (FTX’s native token).

Authorities in the United States and the Bahamas have launched investigations into FTX and related companies for the role they may have played in one of the worst crypto market crashes that saw investors lose billions of dollars. .

Ethereum prediction: ETH is bleeding, but for how long?

Ethereum price is trading at $1,212 after giving in to selling pressure at $1,350. The request for support at $1,070 followed the new Industry Recovery Fund announced by Binance. Investors hail Changpeng Zhao (CZ)’s decision to help companies negatively affected by the FTX implosion.

The Moving Average Convergence Divergence (MACD) indicator reveals that the bears are currently under control, as shown by the consecutive red bars.

ETH/USD daily chart
ETH/USD daily chart

There is huge support for Ethereum at $1,200. If ETH succeeds, sidelined investors could step in, pushing prices up 30% towards $1,600 if market conditions improve.

Ethereum is in the buy zone, on-chain analysis shows

According to Santiment’s realized market value profit/loss model (MVRV), the second-largest cryptocurrency is back in the buy zone. The MVRV has a reading of -5.73, well below the average line at 1.

Investors consider crypto assets to be undervalued when the ratio falls into the negative region.

Ethereum MVRV Report |  Saniment
Ethereum MVRV Report | Saniment

The MVRV model tracks the profit/loss of ETH holders by comparing the price at which the tokens they hold last move with their current market value. Readings above 1 imply that the asset is overvalued, prompting investors to sell.

The supply distribution measure shows that some investors are already buying Ether low. The chart below shows that the number of addresses holding between 10,000 and 100,000 ETH coins rose to 1,182 from a monthly low of 1,152. Investors who sold Ethereum when the crash of FTX destroyed the market are now buying back the same tokens.

Ethereum Supply Distribution
Ethereum Supply Distribution

Ethereum Alternative Offering Faster Earnings

Traders looking for faster gains have started turning to presales which have done particularly well this year, despite the bear market. One of the main pre-sales has been described below.

Trade Dash 2 (D2T)

Dash 2 Trade is a world-class crypto analytics and social trading platform, making it easier for investors to make informed decisions using actionable market data. In the center of the The 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 market opportunities.

D2T is currently selling at 0.0513 USDT, but this price will rise to 0.0533 USDT in the next presale stage.

Visit the Dash 2 presale now.

Source link

Leave a comment