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Ethereum (ETH) price slipped below a key level as overhead pressure continues to mount. The market value for the largest altcoin has plummeted almost 9% since the beginning of the month. At the time of writing, ETH was auctioning for $1,532 after shedding 1.35% in the last 24 hours.
Ethereum Price Suffers The Aftermath Of Growing Market FUD
Ethereum price’s bearish sentiment is the aftermath of the Bitcoin (BTC) price downtrend. Following recent comments by Federal Reserve chair Jerome Powell on the possibility of tighter rate hikes, the general market sentiment has been bearish.
Jerome Powell warns rate hikes could go higher than previously expected as the economy remains stubbornly strong.
Could we see 6%?
More people need to lose their jobs and homes before he will be happy…
— Lark Davis (@TheCryptoLark) March 8, 2023
Besides the Fed-induced panic, the recent collapse of Silvergate Capital has also weighed down on general market sentiment. Citing exposure to FTX, the bank has disclosed plans to wind down operations and voluntarily liquidate the bank.
Silvergate Capital to shut down operations and liquidate the bank. $SI pic.twitter.com/nxT2sO8sD5
— Dylan LeClair 🟠 (@DylanLeClair_) March 8, 2023
To avoid a contagion effect similar to what FTX caused, cryptocurrency exchanges have sprinted to deny any exposure to Silvergate.
Crypto Firms Dissociate From Silvergate Contagion
At the forefront, Binance CEO Changpeng Zhao has asserted that the world’s largest crypto exchange did not suffer any losses because of the Silvergate debacle.
Sad to see this happening. But at least, it seems they will return all deposits in full. Protect users. #Binance do not have asset losses at Silvergate. Funds are #SAFU. https://t.co/0ng5Cb9h4M
— CZ 🔶 BNB (@cz_binance) March 9, 2023
Assuring that all funds are safe, CZ also congratulated the bank’s commitment to returning all deposits in full. Notably, CZ has made a name for himself as an advocate for user protection in the crypto exchange playing field.
Coinbase has also defended its position as unaffected by the bank’s demise. In a Twitter statement, the exchange said, “Client funds continue to be safe, accessible, and available.” The exchange also noted that the exchange did not have any “client or corporate cash at Silvergate bank.”
Coinbase has de minimis corporate exposure to Silvergate.
— Coinbase 🛡️ (@coinbase) March 2, 2023
Coinbase also empathized with Silvergate for what drove them to make the tough call of closing their operations. Further, the exchange appreciated the bank’s contribution towards growing the crypto economy.
It is worth mentioning that barely a week ago, Coinbase announced intentions to stop accepting or initiating payments to or from Silvergate. Rather, they would turn to other banking partners to facilitate institutional client cash transactions.
At Coinbase all client funds continue to be safe, accessible & available.
In light of recent developments & out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate.
— Coinbase 🛡️ (@coinbase) March 2, 2023
According to Coinbase, all their client funds are held at FDIC-insured U.S. banks. This is based on the exchange’s work model, which stipulates:
When a client has a large dollar balance, their cash is stored in a U.S. government money-making fund.” Notably, this helps keep the funds safe and liquid.
Cryptocurrency exchange OKX has also denied being tethered to the Silvergate collapse, with its president Hong Fang asserting that both “corporate and customer funds are safe.”
Very sad to see this happening with Silvergate. It will now take a longer time for crypto to reach more people.
Our corporate and customer funds are safe. Team have done a great job of managing risk and minimizing exposure. https://t.co/AYuv3oLvKg
— Hong (@hfangca) March 8, 2023
Fang also expressed his belief that the entire Silvergate crisis would slacken the crypto adoption process. Nevertheless, amidst the different holocausts spanning the crypto playing field, Bitcoin (BTC) has dropped in market value, bringing the rest of the altcoins down with it.
Ethereum Price Trading With A Bearish Sentiment
Ethereum price is trading with a bearish bias as bulls struggle to hold above the $1,508 support level. The price has been on a downtrend since February 20 before the Wednesday session when overhead pressure due to the 50-day Exponential Moving Average (EMA) at $1,567 pushed it below the $1,550 level.
In the Thursday trading session, the Ethereum price confronts immediate resistance due to the 200-day EMA at $1,546. An increase in selling pressure could send ETH below the support confluence where the horizontal level and the 100-day EMA at $1,509 converge.
Below that, the Ethereum price could drop further to tag the $1,212 support level or, in extreme cases, squat further to retest the $990 support floor.
The Moving Average Convergence Divergence (MACD) had just crossed into the negative zone, which, coupled with red-hot histograms, showed that bears were in control.
ETH/USDT 1-day chart
On the upside, the Relative Strength Index (RSI) had just tipped upward, indicating buyers were approaching the market and Ethereum price could increase. In this case, if buyer momentum increases, ETH will have to overcome the 200-day EMA resistance level at $1,546 before combating the 50-day EMA at $1,567.
A daily candlestick close above the EMA mentioned above will discredit the bearish narrative. The Ethereum price could climb higher in highly ambitious cases to confront the $1,727 resistance level before reaching the major resistance at $1,853. Such a move would constitute a 20.45% increase from the current level.
ETH Alternative
Investors shying off the risk-prone assets should consider FGHT, the native token for the Fight Out ecosystem. The token is in the presale stage, with over $5.26 million raised so far.
Fight Out is a pacesetter in the move-to-earn (M2E) and metaverse playing fields, recording astonishing milestones in the public presale. Notably, even elite athletes have spotted the value in this ecosystem and joined as ambassadors to offer early investors amazing bonuses. The price of the FGHT token increases weekly and is currently auctioning for $0.02610 per token.
Remember, the price of $FGHT is increasing every 7 days, so secure your tokens now before it's too late ⏰🚀
Join the Fight Out revolution now! 👊⬇️https://t.co/9pikKGRjSd#Crypto #Presale #PlayToEarn pic.twitter.com/8ahIfacGq1
— Fight Out (@FightOut_) March 6, 2023
The price will increase in the next few days to $0.0285, which means now is the best time to buy FGHT.
Analysts are also bullish about the FGHT token in 2023, which explains why the token has secured listing slots on several exchanges. These include LBank, XT.com, BKEX, Changelly Pro, BitForex, DigiFinex, and Uniswap. These seven exchanges will onboard FGHT at $0.0333 after the presale stage ends on March 31.
Visit Fight Out here.
Read More:
- Bitcoin Price Prediction for Today, March 9: BTC Price Returns to Its Previous Low of $21.5K
- ADA Price Prediction: Cardano Following Broader Crypto Market Move – An End in Sight?
- Fight Out Offers Authentic Athlete Stories on Web3 Platform – Best Presale in 2023?
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