Ethereum Price Analysis
The price of Ethereum has been fluctuating between different levels of support and resistance in recent days. After dropping below $1,650 multiple times, the coin managed to climb back up and turn this level into support. However, it encountered strong resistances along the way.
Key Points:
- Ethereum dipped to $1,600 briefly before recovering
- The coin breached the challenging level of $1,640 and reached $1,688
- The resistance at $1,680 pushed the price down to $1,645
- Ethereum’s price is currently stuck between $1,650 support and $1,660 resistance
- At the time of writing, Ethereum is priced at $1,655
ARK Invest Files Ethereum ETF Application
ARK Invest, known for its Bitcoin ETF filing, has partnered with 21Shares to file two Ethereum-based exchange-traded funds (ETFs) focused on crypto futures. These ETFs would allow market participants to gain exposure to Ethereum without directly buying and storing the cryptocurrency.
Bitstamp Ends Ethereum Staking for US Users
Bitstamp, a popular crypto exchange, has announced that it will end Ethereum staking services for its US customers. This decision is due to regulatory uncertainties and compliance issues in the US. By removing the service, Bitstamp aims to avoid potential problems with local regulators.
Sonik Token Emerges as New Meme Coin
The meme coin sector in the crypto industry has seen the launch of Sonik Token. Inspired by the character Sonic The Hedgehog, this token is not affiliated with Sonic The Hedgehog or Sega. The presale of Sonik Token has already raised over $485k, with 50% of the total supply being sold.
Hot Take:
Ethereum’s price has been facing resistance at various levels, hindering its upward momentum. The introduction of Ethereum-based ETFs by ARK Invest could potentially provide more accessibility to the cryptocurrency. However, regulatory challenges in the US continue to impact the services offered by crypto exchanges, as seen with Bitstamp’s decision to end Ethereum staking. Meanwhile, the emergence of Sonik Token showcases the ongoing popularity of meme coins in the crypto market.
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