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Market News ETH and a Return to $1,800 Hinged on the Fed and US Lawmakers

ETH and a Return to $1,800 Hinged on the Fed and US Lawmakers

ETH received early support today after a dismal Tuesday. The Fed and the staking statistics must, however, back up a recovery to $1,800.

TOP1Markets Analyst

2023-06-15

8778

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Tuesday saw a 0.17% decline in Ethereum (ETH). ETH finished the day at $1,740 after losing 0.57% on Monday. Notably, ETH failed to re-test the $1,800 handle for the second session in a row.

ETH increased to a noon high of $1,766 after a bumpy start to the day. ETH dropped to a mid-afternoon low of $1,724 after failing to reach the First Major Resistance Level (R1) at $1,768. Prior to resuming its climb toward the $1,750 handle, ETH momentarily breached the First Major Support Level (S1) at $1,728. But ETH ended the day down after a negative trend.

SEC Quietness trumps market-friendly the US CPI Report

Tuesday's session was really busy. Focused on were the Fed's monetary policies and the US CPI Report. Support was briefly offered by lower US inflation and lowering bets on a June Fed interest rate hike.

ETH, however, lost money as a result of increasing odds on a July Fed rate hike and the market's response to the documents relating to the Hinman speech.

As a result of the Hinman documents' failure to produce a settlement, the SEC v. Ripple matter is now in the hands of the courts. Notably, the SEC would probably appeal a victory for Ripple because it would not settle.

In such a case, the US digital asset market would experience prolonged regulatory uncertainty. Additionally, it might allow the SEC to keep enforcing regulations.

Staking Information Third session of leaving ETH under pressure

CryptoQuant reports that on Tuesday, staking inflows jumped from 48,736 ETH on Monday to 74,016 ETH. Inflows remained below recent highs notwithstanding the uptick.

Principal withdrawals were lower than usual, and the overnight withdrawal profile was bullish. However, predictions for withdrawals for the early session were negative, with a forecasted increase in main ETH withdrawals.

The net ETH staking excess on Tuesday was 39,240 ETH, or $68.31 million. 52,100 ETH were deposited, compared to 12,860 ETH that were withdrawn.

TokenUnlocks reports that there were 186,630 ETH, or roughly $325.96 million, in pending withdrawals. In particular, the staking APR was 6.30%, down 1.56% over the previous 24 hours.