2023-10-5 05:03 |
“The gravitational pull in crypto for the time being stays in BTC,” said K33 senior analyst Vetle Lunde.
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Key takeaways The Ethereum Foundation has reduced its workforce by 20% following the completion of a major reorganization. ETH is up by 1% and is now trading above $1,650. The Ethereum Foundation (EF) has completed a broad organizational restructuring that includes reducing its workforce by approximately 20%, affecting 54 employees across multiple teams.
Key takeaways Ethereum (ETH) has rebounded about 4% over the past week, but overall market sentiment remains weak. Hawkish signals from the Federal Reserve have reduced expectations for interest rate cuts and increased pressure on risk assets.
Key takeaways While momentum indicators suggest downside pressure is easing, ETH remains trapped below multiple key moving averages. Until buyers reclaim resistance levels above $1,800, the broader technical outlook remains cautious, with support around $1,741 likely to play a crucial role in determining the next major move.
Key takeaways BitMine bought 76,881 ETH, raising its holdings to 5. 62 million ETH. The company now controls about 4. 66% of Ethereum’s circulating supply. ETH is attempting to hold above $1,800 while facing resistance near $1,900.
BitMine tripled its weekly ETH buy to 126,971 tokens, now holding 4. 59% of supply. Only 11% of ETH supply is in threefold profit, the lowest reading since Feb 2017. A weekly close below $1,500 could push ETH toward the $1,000 support zone.
Key takeaways Ethereum continues its downtrend after breaking key support levels and testing a low of $1,505 last week. The broader crypto market remains under pressure following last week’s massive dump.
Ethereum is testing the $2,140 level after an intraweek low near $2,070. A technical breakdown raises the risk of a sharp decline to $1,350, CryptoQuant notes. Bullish catalysts could include regulatory clarity and continued institutional demand.