On Saturday, ETH fell 4.83% to end the day at $1,752. Investor’s reaction to Binance-related news weighed on ETH and the broader market.
Ethereum (ETH) fell 4.83% on Saturday. Following a 0.27% drop on Friday, ETH ended the day at $1,752. ETH ended the day below $1,800 for the first time since May 13.
Following the broader market, ETH rallied to an early morning high of $1,845 before pulling back. Missing the first major resistance level (R1) at $1,855, ETH fell to a mid-morning low of $1,716. ETH fell through the major support levels to end the day at $1,752.
Binance and SEC News Sink ETH and the Crypto Market
It was a quiet Saturday session with no US economic indicators or Fed talk to distract investors. The lack of US influence left betting statistics and crypto newswires to provide guidance.
The news that SEC Nigeria ordered Binance Nigeria to stop targeting Nigerian investors was bearish. However, Binance’s decision to pause US dollar deposits and suspend US dollar withdrawals left ETH and the broader market on the defensive. The latest betting statistics reflected the bearish sentiment.
Participation Statistics Reflect Market Sentiment Toward SEC Moves
According to CryptoQuant, staking entries fell from 43,008 ETH on Friday to 19,584 on Saturday. Significantly, tickets fell to the lowest level since April 12. The total value staked flattened, influenced by the staking statistics and the bearish ETH session.
The overnight withdrawal profile was bullish, with capital withdrawals below normal levels. However, withdrawal projections for the morning session were bearish, with major withdrawals projected to trend up before returning to normal levels.
On Saturday, ETH’s net staking balance fell 67.11% to a surplus of 37,570, equivalent to $69.16 million. Deposits totaled 45,910 ETH against withdrawals of 8,330 ETH.
According to TokenUnlocks, the total pending withdrawals were 104,130 ETH, equivalent to approximately $182.19 million. More specifically, the participation APR stood at 6.66%, down 1.33% in 24 hours.
ETH: What Lies Ahead
This Sunday should be a quiet session for the crypto market, as there are no US economic indicators or FOMC members to consider. Lack of stats and Fed talk leave investors trawling crypto news wires and betting stats.
News related to SEC vs. Ripple, SEC vs. Binance, and SEC vs. Coinbase (COIN) will remain focal points as investors await a response from US lawmakers on the latest SEC court filings.
In another vein, this morning, ETH was down 0.08% at $1,751. A mixed start to the day saw ETH rally to an early high of $1,753 before falling to a low of $1,744.
Regarding resistance and support levels, ETH must move through the $1,771 pivot to target the first major resistance level (R1) at $1,826. A return to $1,800 would signal a breakout session. However, betting stats and crypto news wires should support a bullish session.
In the event of a prolonged rally, the bulls would likely test the second primary resistance level (R2) at $1,900. The third primary resistance level (R3) sits at $2,029.
According to CryptoPredictions, the ETH price for today (11.06.2023) is forecast to be in the price range of $1,477.889 – $2,173.367. The Ethereum price is forecast to end today at $1,738.693.
By Audy Castaneda
