The price of Ethereum (Ethereum-ETH) managed to make some gains and recorded a 5% rise to reach the level of $ 2,595 briefly after its recent decline to touch the $2,400 area, indicating that it can succeed in reversing its recent downward path, but its movements upward failed to maintain its momentum to bounce quickly and settle at the level of $ 2,512, indicating that the resistance level of $ 2,600 represents a formidable obstacle.However, despite its decline, Ethereum recently outperformed Bitcoin (Bitcoin-BTC), suggesting that it may challenge Bitcoin’s market dominance if it continues to show strength; investors were
also optimistic after ETH recently enjoyed a net investment of positive value, especially with the negative value of BTC investments for the second consecutive day.
However, Ethereum’s price recovery is likely to depend strongly on Bitcoin’s performance, as its price movements may follow those of BTC in the event of the latter taking a downward trajectory, reaffirming the extent to which the industry leader dominates overall market movements.
Approval of ETH ETF launch receives widespread attention, but still faces regulatory hurdles
The US Securities and Exchange Commission’s (SEC) approval of the launch of Ethereum ETFs has sparked a significant wave of interest in the currency, suggesting a possible change in the regulatory approach to cryptocurrencies.
On the other hand, the cryptocurrency sector continues to face obstacles due to strict laws imposed by the Biden administration and other government agencies, which have resulted in enormous operational challenges for companies operating in the sector.
Custodia Bank, which provides banking services to companies operating in the crypto sector, continues to suffer from its many problems due to the weight of these pressures.
The Fed blocked Castudia’s access to the necessary liquidity resources, which led to increased costs.
Despite its keenness to comply with the laws, Bank Castudia reduced its workforce by 23% due to regulatory constraints.
While ETH ETFs have succeeded in raising levels of interest in the currency in the market, the cryptocurrency sector remains hostage to ongoing regulatory challenges.
Bitcoin transfer activity raises concerns amid expectations of price hike
Bitcoin’s mass transfers and selling pressure have raised doubts about whether it can continue its upward price trajectory; although the price of BTC briefly touched the $65,000 level before this wave of declines, analysts such as Rekt Capital account holder suggest that it could witness a wave of sharp rises that will last for a brief period that could push its value above its all-time high of $73,800.
Previously, the price of Bitcoin has seen massive spikes since its launch 214 days after the halving event, so the value of BTC is expected to reach unprecedented highs in September, 2025.
However, the transfer of large quantities of BTC, which had been held for a long time, during late August caused many concerns; on August 27 and 28, large quantities of bitcoin were transferred, most notably the transfer of more than 23,000 BTCs, in a move that many saw as a sign of an impending sell-off.
Increased conversion activity of long-untransferred quantities of BTC may indicate growing selling pressure.
These transfers can negatively affect the general mood of investors and increase volatility.
Therefore, despite the optimistic outlook, large Bitcoin transfers indicate the formation of potential selling pressure, suggesting that the Bitcoin price outlook in the foreseeable future is uncertain.
Read also:Trump reveals plans to make US ‘global crypto capital’
Bitcoin prospects according to technical analysis
The BTC/USD pair is trading around $58,983 amid signs of weakness, most notably approaching its crucial support level at $57,998 on the two-hour price chart, with price movements indicating a downward trajectory, as it has difficulty consolidating above this key level.
On the same chart, the presence of an exponential moving average line measured over the last 50 candlesticks at $60,630 indicates that the price will soon face an important resistance level supporting the bearish mood, and the RSI reading has fallen below the median 50, indicating the formation of bearish momentum.
Currently, the recently broken uptrend line, which was a support for the pair’s price, is being retested, so a drop below $57,998 could increase selling pressure, which could push BTC to test subsequent support levels at $56,130 and $54,581.
Conversely, if the pair manages to stay above the trend line and break through the $60,226 resistance level, its movements could regain some bullish momentum. Overall, current technical indicators suggest that the easiest path for price movements is bearish, making it essential to monitor these support levels in the foreseeable future.
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