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Market News ETH Eyes Sub-$1,500 as Fed Fear and the SEC Influence Sentiment

ETH Eyes Sub-$1,500 as Fed Fear and the SEC Influence Sentiment

This morning was difficult for ETH and BTC. Investors' attention will turn from the Shanghai hard fork to the US CPI Report as regulatory uncertainty continues to be a challenge.

TOPONE Markets Analyst

2023-02-13

10115

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Rising by 1.72% was Ethereum (ETH). ETH finished the day at $1,539. This was a partial recovery after a loss of 2.13% on Friday. For the third day running, ETH finished the session below the $1,600 mark.

Following a range-bound morning, ETH dropped to a low of $1,505 in the late afternoon. The price of Ethereum increased to a late high of $1,544, avoiding the First Major Support Level (S1) at $1,484. ETH fell down after getting close to the First Major Resistance Level (R1) at $1,548 and finished the session at that price.

1.04% more people bought bitcoin (BTC) on Saturday. BTC concluded the day at $21,865, reversing a loss of 0.73% from the previous day. For the third session in a row, BTC ended the day below $22,000.

BTC dropped to an early low of $21,614 after a mixed day's start. BTC increased to a final-hour high of $21,907 while avoiding the First Major Support Level (S1) at $21,448, which is the level of support. In order to close the session at $21,865, BTC eased back after temporarily breaking past the First Major Resistance Level (R1) at $21,885.

Fed anxiety and SEC regulation were to the left. ETH and BTC are at a disadvantage

Regulatory risk and Fed Fear persisted in testing the willingness of buyers on Saturday. Despite the positive day, BTC was unable to recover the $22,000 level, while ETH dropped short of $1,550.

Despite the lack of activity on Saturday, the SEC will probably target other significant US crypto exchanges to stop offering staking services.

Another obstacle that investors must overcome is Fed Fear. Tuesday's US CPI Report may determine the Fed's monetary policy for the foreseeable future. The January jobs report changed the consensus to a more pessimistic picture, with Fed rumor suggesting an interest rate high over 5%. Long-term increases would be bearish.

Network upgrades were put on hold even while work on the Ethereum Shanghai hard split proceeded.

Ethereum revealed the second round of testing for staked ETH withdrawals on Friday. Before the Goerli testnet and the much awaited Shanghai hard fork, the Sepolia testnet comes after the Zhejiang testnet. On February 28, only Ethereum developers will have access to the Sepolia testnet, unlike the open Zhejiang testnet.