- Ethereum price recovers losses in the Asian session after sliding lower during February 22’s US session.
- This pullback could result in a retest of $1,744 if ETH flips the $1,674 hurdle.
- But a failure to stay above $1,744 could result in a sweep of $1,604 or a deeper correction to $1,551.
Ethereum price is in limbo as it hovers below the midpoint of a recent downswing. Depending on how ETH produces a four-hour or a daily candlestick close relative to this level, ETH will either trigger a minor run-up or continue its descent. But until then, the smart contract token shows no discernible directional bias.
Ethereum price in confusion
Ethereum price set up a local top at $1,744 on February 16. After this point, ETH attempted to crawl higher, but profit-taking, coupled with non-existent momentum for Bitcoin, led to consolidation. This brief sideways movement left a lot of uncollected liquidity to the upside, around $1,721 and triggered a correction to $1,604.
As a result of this move, the inefficiency, extending from $1,591 to 1,623, was extinguished. As this brief advent of bears ended, Ethereum price attempted recovery and bounced 5.32% so far, tagging the midpoint of the said range at $1,674.
A flip of this level followed by sustenance could catalyze Ethereum price to trigger another recovery rally that tags the range high at $1,744. In a highly bullish case, this move could also extend higher and retest the $2,000 psychological level.
ETH/USDT 4-hour chart
Analyst expects ETH to resume its uptrend
A popular crypto analyst is also leaning bullish and posted his thoughts on Ethereum price. He explains that a bounce off $1,600 was a good place to long ETH and expects this recovery rally to tag the $1,816 hurdle, roughly 13% away from the entry point.
Indeed, $1,600 is a great level for longing on #Ethereum.— Michaël van de Poppe (@CryptoMichNL) February 23, 2023
Most likely, the trend will continue from here. pic.twitter.com/dF12ODJmCc
While the bullish outlook for Ethereum price seems plausible, it is dependent on ETH flipping the range’s midpoint at $1,674. A failure to do so could result in the smart contract token resuming its descent.
In such a case, Ethereum price could revisit the range low at $1,604. The bears’ ideal target could be inefficiency, extending from $1,565 to $1,551.
OFAC blocks come down to 28%
After the United States Office of Foreign Asset Control (OFAC) made it so that the ETH blocks produced are compliant on October 11, 2022, the number of OFAC blocks went up to 79%. OFAC-compliant blocks make it so that the validators exclude transactions involving parties that are sanctioned by the US Treasury Department’s OFAC. When introduced initially, it scared investors that it could make Ethereum blockchain centralized, things seem to have changed over the last four months.
The total number of OFAC-compliant blocks now constitutes roughly 28% when viewed at a five-minute interval. But on the daily timeframe, it still constitutes 44%, which is generally a high-degree.
Ethereum OFAC-compliant blocks
Ethereum ICO whale moves $8.3 million worth ETH tokens
Ethereum holder who participated in the Initial Coin Offering (ICO) for ETH in 2016 moved their tokens on February 23. Based on Etherescan data, the individual moved roughly $8.3 million worth of 5,055 ETH tokens to a new address. The old address currently holds nearly 5,040 ETH worth $8.3 million at the current market value of $1,665.
Etherscan ETH ICO whale
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