Gary Gensler has refused to comment on conversations related to whether or not Ethereum is an unregistered securityEthereum failed to break through
- Gary Gensler has refused to comment on conversations related to whether or not Ethereum is an unregistered security
- Ethereum failed to break through $3,200 and continued to fall. ETH has fallen below the $3,050 and $3,000 support levels, entering a bearish zone
- If ETH/USD fails to start a new uptrend above $3,200, it may begin a new downtrend
The ETH/USD closed at $3,085.46, after placing a high of $3,179.99, and a low of $2,932.51. ETH/USD turned its momentum again and started falling on Monday, to reach its lowest level since September 2021. A recently launched Non-Fungible Token marketplace, LooksRare, has said that it wants to index all NFT collections on the Ethereum blockchain. LooksRare was created by two anonymous co-founders, Zodd and Guts, who claim that the marketplace has been built by NFT People for NFT People. The team behind LooksRare has said that it has tired of the de-platforming of creators and decision-makers who value business over the community and are seeking IPO instead of benefiting the communities that got them there.
The US Securities and Exchange Commission chairman, Gary Gensler, has refused to comment on conversations related to whether or not Ethereum is an unregistered security. As part of its defense, the crypto firm, Ripple, has put forth a demand for the SEC to file documents showing that it determined that Bitcoin and Ethereum, the two largest crypto assets by market cap, were not securities. The SEC refused to provide these documents, stating that they were classified as privileged information.
Furthermore, the Fortune Report suggests that, according to data from Meta Metric Solutions, the smallest piece of land on popular metaverse platforms, the Sandbox, and Decentraland, are around 3.7 ETH and 3.46 ETH, respectively. Ethereum currently trades at around $3,000, which means that buying a piece of land on the Sandbox will cost at least $11,000. The smallest piece of land in these virtual worlds equals 96 square meters in the Sandbox, and 16 square meters in Decentraland, for a 1×1 plot.
Metaverse has suddenly become one of the hottest topics since late 2021, and virtual land has become a hot commodity. An NFT collector spent around $450,000 in December, to become the neighbor of American rapper, Snoop Dogg, on the metaverse.
Ethereum (ETH) – A technical outlook; Ethereum price prediction
Ethereum failed to break through $3,200, and continued to fall. ETH fell underneath the $3,050 and $3,000 support levels, entering a bearish zone. The price rose to $2,920 before falling to $2,931. There has just been a significant upward correction over the $3,000 and $3,050 levels. On the hourly timeframe of ETH/USD, there was a break above a robust negative trend line with resistance above $3,110.
The price of ether settled above the 61.8 percent Fib retracement level of the decline from the upswing tto $3,210, to the low of $2,931. It is currently holding above the $3,100 mark. On the upside, strong resistance is located near $3,145. It is close to the 76.4% Fib retracement level of the decline from the $3,210 swing high to the $2,931 low. The next significant barrier is near $3,200 and the 100 hourly simple moving average.
A decisive break over $3,200 might trigger a decent comeback wave. The next resistance is located around $3,300. Any further advances could push the price up to $3,420 in the short term.
A New Drop-in ETH?
If ETH/USD fails to start a new uptrend above $3,200, it may begin a new downtrend. On the downside, an early support level is near $3,060. Near the $3,000 level, the first important support is emerging. For example, a break below $3,000 might put the bulls under much pressure. In the aforementioned scenario, a monthly low below $2,931 is possible.
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