Ethereum Tightens Grip On $1,500 As ETH Drops 7% In The Last Week
The crypto market was once again shaken to the ground as major cryptocurrencies plummeted to critical support levels. Ethereum, a valuable altcoin of the crypto industry, recently received almost 7% during the daytime. This is an ongoing effort by the coin to solidify its current support at $1,500 as it lost the same value last week due to negative investor sentiment.
Recent external events have eroded investor confidence, such as macro events that are currently spreading fear, uncertainty and doubt in the market. On February 16, several macroeconomic indicators will be published, which are expected to affect the financial market as a whole.
Vitalik Buterin sells some ETH
In another case, Ethereum co-founder Vitalik Buterin recently sold 210 ETH on the market. Noticed it for the first time PeckShieldAlert, a Twitter account dedicated to tracking large transactions. Buterin’s recent ETH move has been the subject of discussion online with some questions about where the funds will be used.
As of the date of the tweet, Feb. 15, the amount sold is $324,400. The stablecoins are then deposited with Kraken. This transaction, however, did not have a strong impact on the market. In the meantime, investors should keep an eye on these macro indicators.
Meanwhile, economists are pessimistic about the short and medium-term prospects for the US economy. Latest macro data released February 14 certainly had some impact on the trajectory of the coin.
However, this positive attitude is nullified by recent events. Matt Weller, Head of Global Research FOREX.com, recently general his thoughts on the state of the world economy. He said the events of 2022 and the fact that the International Monetary Fund is hawkish about the future of the global economy continues to set the mood for investors.
The IMF recently warned about how shock-prone the global economy really is. WITH fear the global recession is still going on, Ethereum – and the cryptocurrency market in general – may experience volatility because of this.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
Ethereum backed by $1.5k
At the time of writing, the coin is trading at $1,651 with support at $1,500. This recent Ethereum bounce could be a sign that the bulls have successfully solidified the coin’s all-important support at such an important time.
This recent price action is also the result of macro improvements that will inevitably drive up the price of Ethereum. However, the massive price spike should be taken with a pinch of salt as the next few days are expected to be filled with volatility.
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Credit : www.newsbtc.com