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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Tightens Grip On $1,500 As ETH Drops 7% In The Last Week

Christian Encila
Christian Encila
2 years ago
3 mins read
Ethereum

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The crypto market has been shaken to the core once again as major cryptocurrencies plummet to crucial support levels. Ethereum, the prized altcoin of the crypto industry, has recently gained nearly 7% in the daily time frame. This is the coin’s ongoing efforts to strengthen its current support located at $1,500 as it lost the same value last week in the face of negative investor sentiment. 

Recent external events have shaken investor confidence, such as macroeconomic events that are currently spreading fear, uncertainty, and doubt in the market. This February 16 is the release of several macroeconomic indicators that are expected to impact the broader financial market. 

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Vitalik Buterin Sells Some ETH 

In another development, Ethereum cofounder Vitalik Buterin recently sold 210 ETH in the market. This was first noticed by PeckShieldAlert, a Twitter account dedicated to tracking large transactions. The recent movement of Buterin’s ETH has been the subject of discourse online with some questioning where the funds will be used. 

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During the date of the Tweet, February 15th, the amount sold is worth $324,400 of USDC. The stablecoins are then deposited to Kraken. This transaction, however, did not have a strong effect in the market. In the meantime, investors should watch out for these macro indicators. 

Macroeconomic FUD

Meanwhile, economists are pessimistic about the short to medium term prospect of the US economy. Recent macroeconomic data released on February 14th certainly had some effect on the coin’s trajectory. 

However, this positive sentiment is negated by events that happened recently. Matt Weller, Global Head of Research at FOREX.com, recently shared his thoughts about the state of the global economy. He said that events from 2022 and the fact that the International Monetary Fund is hawkish about the future of the world economy still sets the mood for investors. 

The IMF recently warned about how shock-prone the global economy really is. With the fear of a global recession still lingering around, Ethereum – and the crypto market in general – might experience volatility because of this. 

Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com

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Ethereum At $1.5K Support 

At the time of writing, the coin is trading at $1,651 with support at $1.500. This recent rebound of Ethereum might be a sign that the bulls have successfully strengthened the coin’s crucial support at such an important time. 

This recent price action is also the result of improving macros which will inevitably pull the price of Ethereum upwards. However, the massive price jump should be taken with a grain of salt as the next couple of days are expected to be filled with volatility. 

-Featured image from Oxygen Mag

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Christian Encila
Christian Encila

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.

Read more

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.

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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.

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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

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

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