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Market News ETH Bears Eye Sub-$1,850 on Bearish Principal Withdrawal Projections

ETH Bears Eye Sub-$1,850 on Bearish Principal Withdrawal Projections

This morning, ETH was again in the red as wallet activity and US legislator scrutiny tested investor interest. Betting statistics will have an impact today.

TOP1Markets Analyst

2023-05-08

6461

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On Saturday, Ethereum (ETH) decreased by 4.81%. ETH finished the day at $1,900, somewhat erasing a 6.28% gain from the previous day. ETH returned to the $2,000 mark for the second time since April 19 despite the positive session.

As the day got off to a bullish start, ETH climbed to a first-hour high of $2,020. ETH dropped to a mid-afternoon low of $1,864 after failing to reach the First Major Resistance Level (R1) at $2,039 in the process. Before making a partial comeback to end the day at $1,900, ETH broke through the First Major Support Level (S1) at $1,915 in price.

The Ethereum Foundation and Vitalik Buterin Restore ETH to Under $1,900

On Saturday, investors' upbeat attitude regarding the US economy and the Fed was short-lived. Investors focused on the US regulatory environment and the movement of ETH wallets after the session reached a high in the first hour.

News broke on Friday that the US Department of Justice was looking into Binance for potential violations of Russian sanctions. While greater regulatory scrutiny may not be a deal breaker for cryptocurrency investors, the revelation of a sanctions violation would provide the US government a strong platform to further the anti-crypto agenda.

A breach might have effects beyond of US boundaries. If it is discovered that Binance assisted in sanction evasion, investors and authorities in Europe may potentially react.

Investors also saw ETH wallet activity on Saturday morning, which contributed to a protracted sell-off.

The Ethereum Foundation and co-founder of Ethereum Vitalik Buterin may have had a role in the recent sell-off in cryptocurrencies. It was unfavorable to hear that the Ethereum Foundation had sent 15,000 ETH to Kraken in reaction to Buterin's contribution of just 200 ETH.

Despite the small amounts, investors were alarmed when Buterin and the Ethereum Foundation transferred ETH to Kraken. The Ethereum Foundation donated Kraken 20,000 ETH in November 2021. It is significant that the move occurred only days after the ETH ATH high of $4,868 and before the ETH crash to a low of $879.80 in June 2022.

Staking numbers were positive despite the Ethereum Foundation's ETH transfer to Kraken being negative. However, a surge in withdrawals was a factor in the losses on Saturday.