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Ethereum price fell over 7% in the last 24 hours due to the U.S. SEC’s regulatory action against crypto exchange Kraken to start a crackdown on crypto staking in the U.S.
Ethereum price is currently trading near the support level of $1,520, almost close to the psychological support level of $1,500. If the ETH price fails to hold the level and breaks below the support, then a fall to $1,400 is the most likely scenario.
Notably, the Ethereum price trend is forming a bearish divergence with RSI. Thus, the correction will continue in the next week. The crypto market is undergoing a correction after a magical recovery in January.
However, cup and handle — a bullish pattern forming in the daily timeframe indicates a move above $1,650. Meanwhile, Ethereum has completed a “golden cross” pattern as 50-MA crossover 200-MA. While there are many conditions on the technical front, the trend is overall bearish.
Traders need to keep an eye on the $1500 psychological level to make their next move, as it is the inflection point for the Ethereum price. A move below $1500 will invalidate the bullish thesis and a move toward $1400 can be seen.
ETH price needs to recover support at $1,550 but even so, it faces a massive supply area near $1,599. On-chain data from IntoTheBlock shows 2.43 million addresses bought 9.19 million ETH between $1,581 and $1,623. This region is likely to keep ETH suppressed over the weekend.
Ethereum Price Under Pressure
Ethereum price is under pressure due to the overall negative sentiment in the market. A massive panic selloff is witnessed across the crypto market in the last few days as U.S. Federal Reserve officials consider more rate hikes to curb inflation.
Moreover, an Operation Choke Point-type action is likely brewing for a coordinated crackdown against the crypto industry by regulators. Crypto businesses might end up completely unbanked, stablecoins may be stranded and unable to manage flows in and out of crypto, and exchanges might be shut off from the banking system entirely.
Also Read: US SEC’s Gary Gensler: This Is Only Way Crypto Companies Will Survive
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