English
ETH Bulls Eye $1,900 to Bring $2,000 Back into Play on ETF News
This morning, ETH prices were rising. The likelihood of a growth in cryptocurrency exchange-traded fund products is bullish, even though staking figures are still pessimistic.
On Monday, Ethereum (ETH) decreased by 2.05%. ETH finished the day at $1,870, reversing a 1.23% gain from the previous day. Notably, ETH avoided trading below $1,800 for the fifth session running.
After a turbulent morning, ETH increased to a high of $1,909 in the early afternoon. ETH dropped to a low of $1,840 in the late afternoon, falling short of the First Major Resistance Level (R1) at $1,929 in the process. At $1,870, ETH breached the First Major Support Level. However, a cushion was provided by the Second Major Support Level (S2) at $1,841.
The SEC v. Binance and ETF news gave the week a choppy start.
The Monday session was very busy. The crypto news wires gave directions throughout the session even though there was no Ethereum network-related news to move the dial.
It was positive to learn that The Hong Kong and Shanghai Banking Corporation (HSBC) would soon permit consumers to trade exchange-traded funds (ETFs) for BTC and ETH.
Significantly, as the Island courted the cryptocurrency community, HSBC became the first bank to support crypto-ETF trading.
SEC v. Binance news, however, was negative. On Monday, presiding Judge Amy Berman Jackson rejected the defendants' request to stop the SEC from misrepresenting the case in the media.
For the Binance team, who sought to prevent the SEC from publicly commenting on the issue, it was bad news.
Staking Data Continue to Be Negative Even if Withdrawals Have Slumped
Staking inflows jumped from 44,352 ETH on Sunday to 63,456 ETH on Monday, according to CryptoQuant. Staking inflows for ETH, however, stayed much below the optimistic 100,000 ETH target.
Bonus rebate to help investors grow in the trading world!
