• Latest
  • Trending
  • All
SEC Chair Gensler’s dicey response triggers ETH to alter its course. Assessing…

SEC Chair Gensler’s dicey response triggers ETH to alter its course. Assessing…

April 20, 2023
WebSphere Application Server support – IBM Blog

WebSphere Application Server support – IBM Blog

May 30, 2023
Hong Kong & UAE Join Forces To Bolster Crypto Regulation

Hong Kong & UAE Join Forces To Bolster Crypto Regulation

May 30, 2023
Shiba Inu (SHIB) and Dogecoin (DOGE) Swimming in Red Waters, HedgeUp (HDUP) Soars 300% with 400+ Holders Added Daily

Shiba Inu (SHIB) and Dogecoin (DOGE) Swimming in Red Waters, HedgeUp (HDUP) Soars 300% with 400+ Holders Added Daily

May 30, 2023
Ethereum’s Block Size Surges To 1-Month High

Ethereum’s Block Size Surges To 1-Month High

May 30, 2023
Payment Systems in Crypto Casinos — Deposit with Litecoin

Payment Systems in Crypto Casinos — Deposit with Litecoin

May 30, 2023
Canto Blockchain Difficulties Demonstrate Dreary DeFi Outlook

Canto Blockchain Difficulties Demonstrate Dreary DeFi Outlook

May 30, 2023
Traders Act Fast As Binance Australia Unveils Bitcoin Discount For Limited Period

Traders Act Fast As Binance Australia Unveils Bitcoin Discount For Limited Period

May 30, 2023
Laos Government Organizes Meeting on Blockchain 4.0 and Digital Economy Development

Laos Government Organizes Meeting on Blockchain 4.0 and Digital Economy Development

May 30, 2023
New Meme Coins To Replace Dogecoin

Will the crypto halving of BTC & LTC affect Caged Beasts?

May 30, 2023
Can DogeMiyagi influence outgrow Dogecoin and Pepe?

Can DogeMiyagi influence outgrow Dogecoin and Pepe?

May 30, 2023
Ethereum Deflation Hits Record High Six Months After Merge, What This Means For ETH

Long Dormant $14.7 Million Ethereum ICO Wallet Surfaces After Eight-Year Slumber

May 30, 2023
Litecoin (LTC) Halving Rally Looms: Popular Analyst’s Bold Outlook

Litecoin (LTC) Halving Rally Looms: Popular Analyst’s Bold Outlook

May 30, 2023
Tuesday, May 30, 2023
DLT EMPIRE
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market
No Result
View All Result
DLT EMPIRE
No Result
View All Result
Home Ethereum

SEC Chair Gensler’s dicey response triggers ETH to alter its course. Assessing…

by Cuevas Antonio
April 20, 2023
in Ethereum
0
SEC Chair Gensler’s dicey response triggers ETH to alter its course. Assessing…
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter



  • ETH sell pressure surges after Gensler fails to secure a solid answer about the nature of ETH
  • ETH’s cooldown could have led to more downside potential.

The crypto market’s performance has been quite the mid-week rollercoaster for the king of the altcoins as well as its siblings. Ethereum [ETH] suffered yet another blow that triggered another dip below the $2,000 price range.

 


Is your portfolio green? Check out the Ethereum Profit Calculator


Ethereum’s native crypto ETH just experienced an unexpected and hard midweek pivot that pushed it below $2,000. This came days after achieving the highly coveted price target, but the reason for the pivot reverberated across the altcoin landscape. The reason for the bearish outcome is just as surprising and it has something to do with ETH’s price action.

Gary Gensler sends the crypto market into a bearish frenzy

ETH’s sell pressure kicked off after the U.S. SEC chairman Gary Gensler’s grilling during a congressional hearing. He failed to provide a clear answer when asked whether Ethereum is a security or commodity and even tried to dance around the question.

Gensler’s antics are likely the reason for the bearish outcome which affected ETH and most of the top altcoins. This is because failing to offer a clear answer triggered some concerns and FUD among crypto holders. The lack of clarity means the U.S. regulator does not have clear guidelines as far as crypto regulations are concerned. They might as well decide the fate of crypto with a coin toss, a situation that would likely be negative for the market.

ETH pulled back by over 5% on 19 April, to its $1,976 price tag which represented a sizable pullback. What makes this decline so noteworthy is that it undermines the bullish efforts that led to an eventual reclaim of the $2000 price level.

The last time that ETH traded at the current price level was in August 2022. Only for a sharp bearish outcome to wipe off that coveted price level.

ETH price action

Source: TradingView


How many are 1,10,100 ETHs worth today


So, should ETH investors anticipate more downside? According to ETH’s supply distribution, most, if not all of ETH’s sell pressure has been building up for the last three days.

Furthermore, it has been coming from addresses holding between 100,000 and 1 million have been the biggest bearish proponents.

ETH supply distribution

Source: Santiment

Most of the other whale categories have been contributing to bullish momentum and most other top addresses have been buying in the last 24 hours. This outcome may indicate that the market was witnessing some demand, especially after the recent discount.



Source link

Tags: alterAssessingChairdiceyETHGenslersresponseSECTriggers
Share196Tweet123Share49
Cuevas Antonio

Cuevas Antonio

  • Trending
  • Comments
  • Latest
Rise of AI-Powered Cheating: Challenges and Solutions for Educators

Rise of AI-Powered Cheating: Challenges and Solutions for Educators

March 20, 2023
Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

April 10, 2023
What is Cloud Mining and How Does it Work?

What is Cloud Mining and How Does it Work?

April 10, 2023
Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

0
24 Crypto Terms You Should Know

24 Crypto Terms You Should Know

0
Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

0
WebSphere Application Server support – IBM Blog

WebSphere Application Server support – IBM Blog

May 30, 2023
Hong Kong & UAE Join Forces To Bolster Crypto Regulation

Hong Kong & UAE Join Forces To Bolster Crypto Regulation

May 30, 2023
Shiba Inu (SHIB) and Dogecoin (DOGE) Swimming in Red Waters, HedgeUp (HDUP) Soars 300% with 400+ Holders Added Daily

Shiba Inu (SHIB) and Dogecoin (DOGE) Swimming in Red Waters, HedgeUp (HDUP) Soars 300% with 400+ Holders Added Daily

May 30, 2023

Recent News

WebSphere Application Server support – IBM Blog

WebSphere Application Server support – IBM Blog

May 30, 2023
Hong Kong & UAE Join Forces To Bolster Crypto Regulation

Hong Kong & UAE Join Forces To Bolster Crypto Regulation

May 30, 2023
Shiba Inu (SHIB) and Dogecoin (DOGE) Swimming in Red Waters, HedgeUp (HDUP) Soars 300% with 400+ Holders Added Daily

Shiba Inu (SHIB) and Dogecoin (DOGE) Swimming in Red Waters, HedgeUp (HDUP) Soars 300% with 400+ Holders Added Daily

May 30, 2023

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Business
  • Crypto Mining
  • Cryptocurrencies
  • Culture
  • Dogecoin
  • Economy
  • Education
  • Ethereum
  • Featured
  • Governance
  • Litecoin
  • Market
  • News
  • Uncategorized

Converter

Cryptocurrency Prices by Coinlib

© 2023 Dlt Empire | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market

© 2023 Dlt Empire | All Rights Reserved