Ether is attempting to go below a short-term range's lower bound!
Like other significant cryptocurrency pairs, ETH/USD was not exempt from worries about interest rates and global growth, which are causing traders to second-guess investing in "risky" investments like cryptocurrencies.
Investors in the world's largest economy will no longer have a valid reason to keep ETH and other comparable tokens as a result of threats against staking prospects there. Yipes!
From its consolidation just above $1,600, ETH/USD fell, trading all the way to the $1,525–$1,550 range.
As you can see, the prices of ETH/USD at the moment neatly correspond to a support zone that has been sustaining ETH bulls since late January.
Will the support continue to hold for today? Or will the ETH/USD price breakout to the downside?
Although Stochastic has just reached "oversold" levels, it doesn't appear that there is currently sufficient bullish pressure to cause the oscillator to flip higher.
I'll be watching for trader reactions to yesterday's headlines during the Asian and European session.
The price of ETH/USD may break out of its weeks-long range and move toward important levels like $1,400 if traders concentrate on their worries about global growth and staking chances in the U.S.
However, ETH/USD may find some support and potentially rebound back to its mid-range or range resistance levels if economic themes develop to favor risk-taking close to the conclusion of the week.
