In our previous Ethereum analysis, Ethereum Pushing Up Right Now! Is This The End Of The Sell-Off? we warned our readers that the ETH sell-off might still be far from over.
Well right now, we are beginning to see the Ethereum price slow down in its move higher and possibly turn and become bearish again in the coming days.
In this Ethereum analysis, we will be talking about the Key resistance Zone Ethereum is currently trading at and what we are watching for in the coming days.
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Ethereum Trading At This Minor Zone! Can It Hold?
The Ethereum price is currently trading at the $1,250 price zone. This zone has served as an important minor zone for Ethereum over and over in the past.
And there is a very high probability we might see a price reaction off this zone again in the coming days!
If this $1,250 price level zone holds, this might just be the end of this mini rally in the overall bearish trend we have been tracking for Ethereum this week.
So for now we will be keeping a close eye on this level to see how the Ethereum price reacts to it.
What Happens If Price Breaks Through It?
Even if the ETH price breaks through this $1,250 level, our bias on Ethereum will still remain bearish. And this bearish bias will remain valid as far as we do not break through the $1,348 key resistance level and make a new high in the 4-hour timeframe.
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In Other News…
Are the Feds after Binance?
The word on the street is that CZ the CEO of Binance may have bitten more than he can chew. Standing out as the main culprit in the collapse of the FTX exchange in what many are now calling “taking out the competition“, CZ is now firmly in the sight of the U.S Justice Dept.
The FTX collapse sent an already weak crypto industry reeling as billions of dollars were immediately wiped out of the market! And in return, Binance solidified its grip on the crypto industry.
But while the FTX saga continues to reveal a lot of dark secrets and money laundry attempts that went down in the crypto industry, Binance might not be as safe from this drama as it might think.
News coming out is that the U.S. Justice Dept is split over charging Binance for its lack of compliance with U.S. anti-money laundering laws and sanctions.
Right now, at least half a dozen of the federal prosecutors involved in the case that was initially opened in 2018 believe the evidence already gathered against Binance is enough to file criminal charges against individual executives including founder Changpeng Zhao. While others want to take things more slowly and review the evidence even more.
If this criminal prosecution goes through against Binance, this could wreak havoc on a crypto market already in a prolonged bear market.
How should you prepare for this and what should you be worried about? We will be covering this in our next TA.
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