The largest cryptocurrency in the world, Bitcoin (BTC), has somewhat recouped its losses and begun to gather some momentum around the $23,500 mark as the cryptocurrency market picks up steam following ongoing industry development. At the moment, the prices of Bitcoin and Ethereum are $23,516.89 and $1,649.09, respectively.
Yet, recent developments in the cryptocurrency sector may be to blame for the steady rebound of Bitcoin’s price. Significantly, the Australian central bank has stated that it is open to look into whether or not the nation should adopt Central Bank Digital Currencies (CBDCs). The plans of other Commonwealth countries for the CBDC may be significantly impacted by this action.
Additionally, France is taking steps to become the European Union’s leader in cryptocurrency legislation. China, meantime, is shown significant support for Hong Kong’s efforts to legitimize digital assets and its new cryptocurrency rules. These initiatives are considered important advancements that have contributed to reducing losses in the cryptocurrency markets.
Investors may be let down in the coming weeks by the prospect of additional interest rate increases and increased regulatory scrutiny of the bitcoin industry. There is yet another important factor that prevents BTC values from increasing further.
Today’s Ethereum Price
| DATE | ETC | USD |
|---|---|---|
| Today | 01 | $ 1,634.89 |
Ethereum Price Prediction
Ethereum (ETH) is currently trading for $1,645 and has a $6.9 billion 24-hour trading volume. The price of Ethereum has dropped by around 0.50% during the past 24 hours. With a live market cap of $201 billion, it is ranked #2 on CoinMarketCap.
According to technical analysis, the ETH/USD pair is building a symmetrical triangle pattern while trading in a limited range between $1,600 and $1,680. The market’s subsequent move will be determined by the range’s breakout. The price of ETH might go further towards $1,730 or $1,745, depending on whether a positive breakout of the $1,680 level occurs.
A negative breakout of the $1,600 level, on the other hand, might drive the price of ether towards the $1,550 level.
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