Ethereum price holds key support and eyes fresh move to $1,700

newsbtcPublicado em 2023-02-06Última atualização em 2023-02-06

Resumo

Ethereum corrected lower and traded below $1,640 against the US Dollar. ETH is holding the $1,610 support and might aim a fresh increase.

Ethereum corrected lower and traded below $1,640 against the US Dollar. ETH is holding the $1,610 support and might aim a fresh increase.
""

  • Ethereum started a downside correction below $1,650 and $1,640.
  • The price is now trading below $1,650 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,615 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another increase if it stays above the $1,600 support zone.

""

Ethereum Price Remains Supported


Ethereum price failed to clear the $1,720 resistance zone and corrected lower, similar to bitcoin. ETH declined below the $1,650 and $1,640 support levels.


There was also a spike below the 50% Fib retracement level of the upward move from the $1,530 swing low to $1,715 high. Ether price is now trading below $1,650 and the 100 hourly simple moving average. It seems to be holding a major support near the $1,610 level.


There is also a key bullish trend line forming with support near $1,615 on the hourly chart of ETH/USD. An immediate resistance is near the $1,640 level and the 100 hourly simple moving average. The next major resistance is near the $1,660 level. An upside break above the $1,660 resistance zone could spark a fresh increase.

Ethereum Price

Source: ETHUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $1,700 resistance. Any more gains might send ether price towards the $1,780 resistance zone.


More Losses in ETH?


If ethereum fails to clear the $1,650 resistance, it could continue to move down. An initial support on the downside is near the $1,610 level and the trend line.


The next major support is near the $1,600 zone or the 61.8% Fib retracement level of the upward move from the $1,530 swing low to $1,715 high. If there is a break below $1,600, the price might drop towards the $1,565 support. Any more losses might call for a test of the $1,530 support.
""

Technical Indicators


Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.


Hourly RSI – The RSI for ETH/USD is now below the 50 level.


Major Support Level – $1,600


Major Resistance Level – $1,660

Leituras Relacionadas

The Full Story of How Crypto Unicorn Blockstream Is Mired in Serious Fraud Allegations

This article details serious allegations of fraud against Bitcoin infrastructure company Blockstream, founded by Bitcoin pioneer Adam Back. In June 2024, investigative account NatInfoSec published a report accusing Blockstream's mining note (BMN) program of potentially operating a multi-billion dollar scheme with Ponzi-like characteristics. The core allegations focus on Blockstream Mining Notes (BMNs), which offer investors fixed annual yields up to approximately 20% from Bitcoin mining. NatInfoSec's investigation raises several key issues: 1. **Suspicious Hashrate & Payout Capacity**: The analysis suggests Blockstream would need 20-45 EH/s of mining power to cover its BMN obligations, but its public dashboard shows only around 15 EH/s. Furthermore, no verifiable public evidence (e.g., grid connection records, import data) was found to support the massive mining operation required. 2. **Questionable Payout Source**: The BMN contract allows Blockstream to use Bitcoin from *any source* (Substitute Performance BTC) to fulfill investor payouts, raising concerns that payouts may not come from actual mining revenue. 3. **High-Risk, Fixed Returns**: Offering ~20% fixed yields in the volatile, cyclical Bitcoin mining industry is viewed as highly unusual and requires clear explanation. 4. **Undisclosed Criminal Record of Key Figure**: Christopher William Cook, a key figure in Blockstream's mining operations and CEO of spin-off Exacore, was found to have a federal felony conviction for mail fraud in 2008, a fact not disclosed in BMN offering documents. His background was also allegedly embellished. 5. **Potential Contagion to BSTR SPAC**: Questions were raised about whether these liabilities and Cook's record should have been disclosed in the SEC filings for Bitcoin Standard Treasury Company (BSTR), a separate Adam Back-associated firm planning a SPAC merger. The crypto community is divided. BitMEX Research validated Cook's criminal record and expressed concern over the high yields but found other evidence lacking or misleading, noting the legal separation between BMN, Blockstream, and BSTR. Blockstream defenders, like Samson Mow, argue the mining is real. Critics, however, emphasize the lack of independent, verifiable proof of the mining operation's scale and the true source of investor payouts. The article concludes that BMN remains shrouded in key unanswered questions regarding its actual size, the verifiability of its underlying mining assets and payouts, the source of its high yields, and the full role and disclosure concerning Chris Cook. Blockstream had not issued a comprehensive response at the time of writing.

marsbitHá 3h

The Full Story of How Crypto Unicorn Blockstream Is Mired in Serious Fraud Allegations

marsbitHá 3h

South Korea Targets 40 Unregistered Crypto Operators in Regulatory Crackdown

South Korea's Financial Intelligence Unit has referred around 40 unregistered virtual asset service providers to the police as part of a regulatory crackdown. Under local law, all crypto exchanges must obtain ISMS certification and FIU registration before operating, yet only 28 entities are currently registered. The FIU identified methods used by offshore platforms to attract Korean users, including advertising on local messaging apps and using private money changers to convert stablecoins. Officials stressed that unregistered platforms are not protected by Korean law. This action aligns with South Korea's push for stricter global crypto compliance through FATF measures. FIU Director Lee Hyung-joo recently urged FATF members to remove transaction thresholds for the "Travel Rule," as South Korea plans to mandate identity checks for all crypto transactions starting in August, expanding from the current 1 million won (≈$730) minimum. Regulatory enforcement has intensified in 2026, with authorities pursuing criminal cases against market manipulation schemes and enhancing cooperation with financial institutions to curb cross-border illegal transactions.

TheNewsCryptoHá 4h

South Korea Targets 40 Unregistered Crypto Operators in Regulatory Crackdown

TheNewsCryptoHá 4h

The Full Story Behind Encryption Unicorn Blockstream's Deep Entanglement in Serious Fraud Allegations

This article details allegations of serious fraud surrounding the crypto company Blockstream, founded by Bitcoin pioneer Adam Back. Investigation account NatInfoSec accuses Blockstream of raising billions through its Blockstream Mining Note (BMN) products, which offer high fixed yields of up to 20% from purported mining revenue. The core allegations are: 1) Blockstream's public mining hash rate (15 EH/s) appears insufficient to cover the massive payout obligations from sold BMN notes, raising questions about the true source of investor payouts. 2) Key executive Christopher William Cook, central to the mining operations, has a prior federal conviction for mail fraud, a fact not disclosed to investors. Cook's background and lavish lifestyle are highlighted as red flags. 3) The structure allows payouts from any source of BTC, not necessarily mining revenue, which critics argue gives it Ponzi-like characteristics. The controversy also touches on Bitcoin Standard Treasury Company (BSTR), a related entity planning a SPAC上市. Critics question whether BMN's liabilities and Cook's record should be disclosed in BSTR's filings. BitMEX Research offered a tempered analysis, confirming Cook's criminal record is likely true and the high yields concerning, but found other claims like insufficient抵押证据 less substantiated. Community debate centers on the need for verifiable proof of Blockstream's mining output and revenue. The article concludes that while fraud is not proven, BMN presents significant, unresolved questions regarding its actual scale, the source of its high fixed returns, the verifiability of its mining operations and payouts, and the full disclosure of associated risks and personnel backgrounds. Blockstream has not yet issued a formal response.

链捕手Há 4h

The Full Story Behind Encryption Unicorn Blockstream's Deep Entanglement in Serious Fraud Allegations

链捕手Há 4h

Trading

Spot
Futuros
活动图片

Categorias popularesright-arrow

Etiquetas Popularesright-arrow