Ethereum All In Crimson As ETH Struggles To Reclaim $1,600

Christian Encila

2 years ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Top altcoin Ethereum has been facing some resistance lately, slowing down growth to a snail’s pace as ETH is smothered in red in the charts. At the time of writing, the altcoin is currently facing losses in the one-hour time frame, the 24-hour, as well as in the weekly.

The current situation for Ethereum is crucial for the altcoin’s continuous rise in price. Analysts, however, have been very neutral on the altcoin’s current position. But as the bulls struggle to reclaim the $1.6k mark, it’s a must for investors to carefully monitor the market to make a sound decision.

On Shanghai Upgrade & Rumors About Scrapping Staking

The Shanghai network upgrade for Ethereum is expected to bring a lot of new features for the top altcoin. It would reduce gas fees on-chain and will make withdrawing staked ETH possible. However, there are regulatory headwinds ahead that could deal a heavy blow on staking.

According to the recent tweets of CoinBase CEO Brian Armstrong, the US Securities and Exchange Commission is rumored to get rid of staking for retail investors which would remove a lot of projects and put investors in trouble.

Armstrong said in the thread:

“1/ We’re hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers. I hope that’s not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen.”

This would have a lot of repercussions for DeFi as a whole. On Ethereum, the total value locked is at $28 billion which, if the rumors are true, could mean most if not all retail investors would be missing out on rewards on-chain. Not to mention that staking, just like how Armstrong said it, is a vital part of DeFi which will inevitably affect Ethereum’s performance in the long term.

Source:DeFiLlama

Can Shanghai Hype Boost Ethereum?

As of writing, the altcoin is currently changing hands at $1,543 with support at $1,450. With the recent rumors surrounding staking in crypto, the hype around the Shanghai upgrade might not be enough for the altcoin to get a boost in price.

ETH total market cap at $188 billion on the daily chart | Chart: TradingView.com

Ethereum has a strong correlation with Bitcoin which, as of February 10th, is also experiencing strong bearishness.

Meanwhile, ETH bulls should focus on strengthening their support level as a bearish break on $1.5k would mean problems for the token as this could start a sell-off.

With this in mind, the altcoin should then close above the $1.5k support for a chance to continue its climb.

Featured image from Wallpapers.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.