With the recent rise in tensions between NATO and Ukraine, ETH’s weekly losses have increased by 17%.
Ethereum has been on quite the roller coaster ride over the last 24 hours, with prices dipping as low as $2500 before surging up to a local high of 2,653 USD. However, at press time, it is trading close to $2,636 – making its way back towards normalcy after this latest bout damped volatility in cryptocurrencies across all coins, including bitcoin & ethereum alike.
Related Reading | TA: Ethereum Primed For Strong Recovery And Only 1 Thing is Holding it Back
The recent events in Eastern Europe have caused major political entities across the board to mobilize their troops. The United States, Great Britain, and India are among those who fear any unwarranted action stemming from Russia or Ukraine may arise at anytime soon with potentially devastating consequences for all parties involved – including ourselves here on earth.
Ethereum is gaining ground after forming a base above $2,500. The cryptocurrency extended its decline below the zone and tested resistance at this level. This week’s outlook shows an upside correction in progress that may continue upward toward new highs.
Ether is trading below the $2,700 support level at present. It has moved above its 50% Fib retracement from last month’s crash. Still, it remains vulnerable to additional losses in this range until there’s a break out either remaining simple Moving average or closing higher than today’s open price.
Coinbase Integration With Ledger
In a world where crypto is becoming more mainstream, Coinbase wallet has announced that they will be integrating with Ledger. This means people can store their cryptocurrencies and non-fungible tokens (NFT) on the ledger Nano X or S. They can transact freely across all platforms without having any troubles.
With the app extension, Coinbase users can use their physical ledger devices to maintain a record of private keys in an offline fashion.
Related Reading | TA: Bitcoin Recovery Halts, Technicals Suggest Fresh Decline To $36K
Tether To Reduce Reserve Allocation
Tether’s decision to cut back on its USD reserve allocations is surprising but not altogether uncommon. The company has shown an admitted preference for commercial paper over short-term bond trades in recent months. As they strive towards becoming “more stable.”
The company revealed that it had cut its reserves by 42% over Q4 2021. As a result, the reserve dropped from $30.5 billion to just under $24B.
The recent legal woes of Tether are causing the company to be more transparent about its reserves. In order to stay in compliance with regulations, they have been mandated by the Attorney General’s office of New York State (ANNY) and must disclose data every quarter. Which has led them to this audit where “consolidated assets exceed consolidated liabilities” but not by much at all (i e., US$ 78.67 billion vs. US$78.53 billion)
Featured image from Pixabay, chart from TradingView.com