- The Ethereum price down 60% since all time highs in January
- SEC hearing will dictate next market move
- Ethereum price support currently seen between $630-$600
The price of Ethereum is down as much as 20% during trading on Tuesday. Bearish momentum continues to show no mercy, Ethereum has fallen heavily since the all-time high printed on 13th January, a drop of around 60% in value.
Market participants are anxiously waiting for the SEC hearing, to provide some greater colour on their intentions and interests moving forward with cryptocurrencies. This has not been the sole reason for the pressure, but also China’s central bank set to block all crypto related trading platforms and any ICO related activities.
In lighter news, UNICEF one of the world largest charities, has recruited miners to mine Ethereum. Their intentions here are to provide any gains to Syrian children. The project is known as Game Chaingers, calling all gamers that are capable of mining cryptocurrencies, to then help for a good noted cause.
Looking technically, there is support seen for Ethereum around $600-$630 zone. Another breakout to the downside could see a 100% Fibonacci retracement, towards $430. The next move the market makes, will depend on the developments from the SEC, due at 1000EST.
ETH/USD daily chart
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