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ETH Bears Target Sub-$1,800 on a Hawkish Fed and Binance Woes
The Thursday session got off to a bullish start. Staking inflows, Binance-related news, and a hawkish Fed are still obstacles, though.
On Wednesday, Ethereum (ETH) decreased by 3.23%. ETH finished the day at $1,829, reversing a loss of 1.61% on Tuesday. ETH avoided sub-$1,800 for the seventh session in a row despite the turnaround.
With a mixed day's start, ETH climbed to a first-hour high of $1,891. ETH declined to a low of $1,818 in the early evening after failing to pass the First Major Resistance Level (R1) at $1,917. Before completing the day at $1,828, ETH momentarily breached the Second Major Support Level (S2) at $1,829 and the First Major Support Level (S1) at $1,860.
Binance News, Staking Statistics, and the Fed Weighed
The Wednesday session was really active. By mid-week, the cryptocurrency news wires were still offering guidance, with stories about Binance testing investor interest. Binance said on Wednesday that Paysafe Payment Solutions Limited would stop providing its EUR services to the exchange on September 25.
It was the most recent in a string of incidents that have occurred as regulators and service providers adjust to increased regulatory scrutiny.
The Fed Chair Powell added to the pessimistic vibe by indicating that further rate increases are still possible.
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