• Ethereum has dropped to $1,552, a 5% fall in the last 24 hours and a 6% loss in a week.
• The decline is due to Kraken paying a $30 million settlement to the SEC and agreeing to end all staking services for US-based clients.
• Despite this, Ethereum remains an attractive prospect for investors given its 24-hour trading volume of over $10 billion.
Ethereum Price Falls as Kraken Agrees To Settlement with SEC
The Ethereum price has dropped to $1,552 today, representing a 5% fall in the past 24 hours and a 6% loss in a week. This decrease was caused by Kraken agreeing to pay a $30 million settlement to the Securities and Exchange Commission (SEC) and ending all staking services for US-based clients.
24-Hour Trading Volume Remains Strong
Despite this set back, Ethereum remains an attractive asset for investors as it currently witnesses an impressive 24-hour trading volume of over $10 billion. In addition, Visa recently announced that it is trialing stablecoin payments on the Ethereum blockchain further increasing investor confidence in ETH’s future prospects.
Technical Analysis Suggests Further Losses
Looking at technical indicators suggests that ETH may be due for further losses soon. Its 30-day moving average (red) appears to have crested in relation to its 200-day (blue). Additionally, ETH’s relative strength index (purple) has descended close to 50 suggesting more downside could be on the way.
Kraken News Does Not Necessarily Mean End of Staking
Although some have suggested that this news from Kraken signals the end of staking services in the US, Coinbase has already stated that it won’t be ending its own staking services and is ready to fight back against any regulatory action against them.
Can Ethereum Reach $2000?
Given these technical analyses combined with strong fundamentals such as Visa’s trial of stablecoins payments on Ethereum’s blockchain many are asking whether or not ETH will reach new highs soon surpassing the big psychological milestone of $2000 per coin? Only time will tell but one thing is certain: there are plenty of reasons why investors should remain optimistic about Etheruem’s future potential regardless of short term losses.