Ether (ETH) price is down by 8% on March 19 and the recent price correction comes amid reduced activity on the Ethereum network. Since Ethers price hit $4,000 for the first time since 2021 on March 8, the second-largest cryptocurrency by market capitalization has continued to drop lower.

Lets investigate the reasons why Ether price is down today.

Ethers price decline has led to a rush of liquidations across the derivatives market. Bullish traders were caught off guard, leading to a quick spat of long liquidations.

In the past 24 hours, over $110.6 million in Ether long positions have been liquidated, with $77 million being wiped out in the previous 12 hours. The large amount of long liquidations has traders eying the $3,100 price level. If Ethers price hits that level, $212 million of leveraged long positions are at risk for liquidation.

Ether price is negatively affected when long derivative positions are liquidated without buying pressure from trading volume.

Related: The DeFi bots pumping Solanas stablecoin volume

Ether price fell, coinciding with the plummeting of Ethereum network volume. Ethereum volume has fallen 6.15% for the week of March 19. The drop in network volume comes after the highly anticipated Decun upgrade on March 15.

Correlating with the volume drop-off, Ethereum networks total value locked (TVL) dropped 8.5% in 24 hours on March 19. Current Ether TVL of $47.9 billion is over $60 billion less than the all-time high, which was set on Nov. 8, 2021.

The major decrease in volume comes as Solana (SOL) gains momentum amid the memecoin craze.

Related: The Feds BTFP program is officially over Will Bitcoin price take another blow?

Market analysts are showing pessimistic perspectives in regard to Ethers shorter and medium-term price performance. Market Prophit highlighted that both the crowd and smart money cohorts have bearish sentiments in regard to Ether price.

The downturn in sentiment comes as large capital groups are signaling that a spot Ether ETF is less likely to be approved. Despite this, Fidelity filed an amendment to their spot Ether ETF application on March 18.

Investors appetite for high-risk assets and their interest in DeFi could continue to diminish if macro events, the emergence of new blockchains and a reduction in volume hinder growth. The eventual increase in Ethereum network-based protocols and the potential of a spot Ether ETF may prove to be a long-term catalyst for price growth.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Why is Ethereum (ETH) price down today? - Cointelegraph

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Theres no denying it. Bitcoin (BTC-USD) is the ultimate blue-chip cryptocurrency. Its like gold but if thats true, then Ethereum (ETH-USD)is like silver. Thats a huge compliment to Ethereum, and if youre seeking huge crypto-market gains this year, your best bet is ETH stock.

Now, you might be thinking that Ethereum plays second fiddle to the much more popular Bitcoin. Its just a runner-up in terms of market capitalization, so why should anyone take Ethereum seriously?

Yet, just remember that smaller assets can make bigger moves. When you consider how useful Ethereum is, especially when compared to Bitcoin, youll surely reconsider your cryptocurrency-investment strategy.

Crypto traders really should think about the analogy between Ethereum and Bitcoin. Theyre like silver and gold, as gold is more popular but silver has more uses (for solar panels, electric vehicle batteries, etc.).

Similarly, Ethereum has use cases that Bitcoin just doesnt have, or at least not to the same extent. Blockchain developers are acutely aware of this.

When developers/coders are looking to create smart contracts, decentralized finance protocols, non-fungible tokens or a platform for blockchain-based gaming, theyll probably build these things on the Ethereum blockchain.

Thus, in-the-know blockchain participants appreciate Ethereums utility even if many retail investors dont. Ethereum is indispensable in the current blockchain ecosystem, much like silver is essential in the 2020s.

As youre probably aware, the Securities and Exchange Commissionapproved11 spotBitcoinexchange-traded funds earlier this year. This event precipitated a huge rally in Bitcoin, and ETF stock followed Bitcoin higher.

Dont think of Ethereum as just a tag-along, though. Just like silver tends to magnify the price moves of gold, Ethereum is lower-priced and consequently can move faster than Bitcoin does.

Besides, Bitcoin already had its watershed moment in 2024. Ethereum should be next in line, as the SEC hasnt yet approved a spot Ethereum ETF. Its probably just a matter of time before this happens, though its difficult to predict the timing.

BlackRock (NYSE:BLK), Grayscale and other firms have already submitted applications to the SEC for spot Ethereum ETFs. Granted, the SEC is dragging its feet in deciding on these Ethereum ETFs.

But then, the SEC also took its sweet time when deciding on the currently approved spot Bitcoin ETFs. Besides, its certainly not unusual for the gears of government to turn slowly. So, just be patient.

If Ethereum is basically silver to Bitcoins gold, then expect ETH stock to make a magnified move in the coming months. Instead of trying to time your entry perfectly, just HODL: Hold On for Dear Life with a position in Ethereum.

This doesnt mean you cant also own Bitcoin. Just keep an open mind, as Ethereums utility makes it just as important as Bitcoin in the cryptocurrency ecosystem. Hence, for best results in 2024, feel free to add some Ethereum to your crypto portfolio.

On the date of publication, David Moadeldid not have (either directly or indirectly) any positions in the securities mentioned in this article.The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.

David Moadel has provided compelling content and crossed the occasional line on behalf of Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.

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Ethereum: The Silver Bullet That Could Outshine Bitcoin in 2024 - InvestorPlace

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The SEC is waging a compaign to classify ethereum as a security - report - ForexLive

Crypto Market This Week: Key Events & Potential Market Impact

The crypto witnessed turbulent trading last week, with uncertainties looming large, affecting the market participants sentiment. Notably, the U.S. Bitcoin ETF witnessed a substantial outflow of around $900 million amid

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Crypto Prices Today March 23: Bitcoin Dips Below $64K, Ethereum At $3300, XRP & SOL Drop - CoinGape

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Advisory warning: FOREXLIVE is not an investment advisor, FOREXLIVE provides references and links to selected news, blogs and other sources of economic and market information for informational purposes and as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE specifically hereby acknowledges clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided on an "as-is" basis as a general market commentary and does not constitute investment or trading advice, and we do not purport to present the entire relevant or available public information with respect to a specific market or security. FOREXLIVE expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information, or with respect to any of the content presented within its website, nor its editorial choices.

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Ethereum Foundation under investigation - report - ForexLive

Last updated: March 21, 2024 13:33 EDT | 3 min read

As of the latest market update, Ethereum (ETH/USD) has exhibited a commendable performance, rising by nearly 5% to a price of $3,495.

This surge is supported by a substantial trading volume of $28.85 billion, reinforcing Ethereums status as the second-largest cryptocurrency with a market capitalization nearing $419.64 billion.

The circulating supply stands at 120 million ETH coins, out of a capped total of 21 million coins.

Recent actions by the SEC, including issuing subpoenas to U.S.-based companies for information on their interactions with the Ethereum Foundation, signal a strong push towards regulation.

The ambiguity surrounding Ethereums status, especially with SEC Chair Gary Genslers reluctance to clarify its position post-transition, adds to the uncertainty.

Despite previous non-security classifications and the approval of Ether futures ETFs, the absence of a clear stance on spot ETH ETFs expected by May leaves the market in anticipation.

The outcome could also strain the relationship between the SEC and the U.S. Commodity Futures Trading Commission, amid ongoing legislative efforts to define regulatory boundaries for digital assets.

With the possibility of Ethereum falling under stricter regulation, the crypto community awaits decisive action, which could redefine Ethereums trajectory and its standing within the digital asset space.

Ethereums technical levels spotlight a pivot point at $3,562. Resistance levels are identified at $3,673, $3,807, and $3,931, whereas support can be found at $3,411, followed by $3,228 and $3,062.

The Relative Strength Index (RSI) stands at 54, with the 50-Day Exponential Moving Average (EMA) at $3,607, suggesting a cautiously optimistic momentum.

However, a double top pattern near $3,560, alongside a closing Doji candle below this level, hints at potential bearish corrections.

Therefore, the current sentiment for Ethereum is bearish below $3,560, but crossing above this threshold could pivot to a more bullish outlook.

Sponge V2 is on the brink of its exchange debut, marking a significant milestone since its inception on the Ethereum platform.

From its initial launch at $0.000025 to its current valuation at $0.002470, Sponge V2 has witnessed a remarkable growth of 9879.41%, reflecting strong market performance and increasing investor trust.

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2024s crypto market dictates smart and expeditious investment choices. Bitcoin (BTC) has been leading the charge to usher the crypto market into a new dawn as evidenced by the way its investors are eagerly looking for smaller cryptos that can boost their portfolios. Even Ethereum (ETH) investors are not left out of the race to find a crypto presale that can add exponential gains to their portfolios.

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Ethereum (ETH) Upgrade Increases the Networks Efficiency

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The Sleek New Fezoos (FEZ) Trading Platform Debut Promises a Shake-Up with Bitcoin (BTC) and Ethere ... - CoinGape

The US SEC has delayed the approval process for several highly anticipated Ethereum exchange-traded funds (ETFs), recent regulatory filings show.

The delays affect proposals from investment firms, including VanEck, Ark Invest, Hashdex, and Grayscale which has added a staking component to its ETH ETF application along with Fidelity sparking discussions about the future of crypto ETFs in the US.

Bloomberg ETF analyst James Seyffart, who has been closely monitoring the developments, expressed a shift from his previously cautiously optimistic outlook regarding the approval of Ethereum ETFs.

He noted that the SECs lack of engagement on Ethereum-specific issues contrasts sharply with their approach to Bitcoin ETFs in the previous fall, dampening hopes for a positive outcome by the crucial May 23 deadline.

Similarly, Eric Balchunas recently pointed out that the absence of bullish signs and sources that were present before the Bitcoin ETF approvals significantly reduces the chances of a favorable decision for Ethereum ETFs, estimating the odds at 35%.

The conversation extended beyond the ETF delays, touching upon the broader regulatory environment for cryptocurrencies. Some suggested the SEC might insist on a court order before approving Ethereum ETFs, citing potential differences between Ethereum and Bitcoin in terms of their designation.

However, Seyffart disagreed with the notion that Ethereum could be classified as a security, a designation that could fundamentally impact its regulatory treatment.

The discussion also ventured into the realm of potential outcomes and strategies. Seyffart speculated about the future of Grayscales Ethereum futures product and its implications for potential legal challenges against the SECs decisions.

Meanwhile, both Fidelity and Grayscale have added amendments to their Ethereum ETF applications to include a staking component.

Staking, a fundamental aspect of Ethereums proof-of-stake (PoS) model, involves the locking up of digital assets to support the networks security and functionality, offering participants rewards in the form of additional crypto.

Grayscales proposal, like Fidelitys, allows the ETF to allocate part of its holdings to staking through selected providers, potentially including affiliates. The move is designed to explore the income generation possibilities within a regulated financial framework, with the ETF expected to receive ether tokens as network rewards, which could be considered income for the fund.

However, this addition arrives amid increased scrutiny from US lawmakers, who have recently urged the SEC to halt the approval of new crypto-related ETFs due to concerns over investor risks.

As the May 23 deadline approaches, the crypto community remains on edge, awaiting further developments.

At the time of press 2:25 am UTC on Mar. 20, 2024, Ethereum is ranked #2 by market cap and the price is down 6.6% over the past 24 hours. Ethereum has a market capitalization of $384.94 billion with a 24-hour trading volume of $33.96 billion. Learn more about Ethereum

At the time of press 2:25 am UTC on Mar. 20, 2024, the total crypto market is valued at at $2.36 trillion with a 24-hour volume of $184.43 billion. Bitcoin dominance is currently at 52.29%. Learn more about the crypto market

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SEC delays lower expectations of Ethereum ETF approval by May despite staking additions - CryptoSlate

Following the Federal Open Market Committee (FOMC) meeting and press conference on Wednesday, Bitcoin price has shown strength. Fed Chair Jerome Powells remarks were dovish, just not enough to supersede the bearish sentiment that comes with dwindling flows from the spot Bitcoin exchange-traded fund (ETF) market.

It is so over, said ETF specialist James Seyffart. His colleague Eric Bahlchunas at Bloomberg added, it was fun while it lasted.

The ETF analysts from Bloomberg Intelligence have sort of thrown in the towel after multiple days of plateaued flows. If such days turn into weeks, the narrative could be completely different.

Also Read: Bitcoin price could hit a new ATH, but theres a caveat to this bounce

While Powells remarks inspired hope in the BTC market, negative flows have fermented investor sentiment and now Bitcoin price recovery rally is on the balance. Growing overhead pressure due to the Simple Moving Averages (SMAs) on the H3 time frame threatens the upside potential for BTC as traders continue to de-risk.

Bitcoin price could drop toward the $61,038 support as buying pressure continues to dwindle. This can be seen with the falling Relative Strength Index (RSI) that has already executed a bearish crossover below its signal line (yellow band).

In the past, in all instances where the RSI crossed below the signal line on the H3 time frame while below the 50 mean level, Bitcoin price responded with an extended fall. Reinforcing this outlook, the Moving Average Convergence Divergence (MACD) is also about to flip bearish into negative territory.

BTC/USDT 3-hour chart

Conversely, if sidelined investors or those looking to capitalize on the correction step in, Bitcoin price could push north, going as far as to overcome resistance due to the 200-day SMA at $68,574, or higher, breach the $69,000 threshold.

A candlestick close above the aforementioned level would encourage more buying pressure, sending BTC to the $73,777 peak or higher.

Also Read: Bitcoin price attempts recovery ahead of inaugural BTC Investor Day in NYC

Ethereum (ETH) price is stuck below the 50% Fibonacci placeholder and could consolidate within this zone for a while as the network combats state authorities. Both technicals, the RSI and the MACD flash bearish, with the former breaking sub-50, while the MACD is moving below its signal line.

Ethereum price could revisit the $3,158 base for a liquidity sweep before the next leg up, especially if the Bitcoin price continues to show weakness.

ETH/USDT 1-day chart

However, if the bulls can push Ethereum price above $3,625, a daily candlestick close above this level would encourage more buy orders, giving Ether the price gusto necessary to continue north, likely as far as to retake its peak above the $4,000 psychological level. Such a move would denote a climb of about 20% above current levels.

Also Read: BlackRock to launch tokenized fund on Ethereum as battle for ETF intensifies

Ripple (XRP) price is consolidating within the upper zone of the ascending parallel channel. The climbing RSI level demonstrates that momentum is rising. The momentum indicators deviation above 50 could instigate a fluke rally as it records a bullish crossover above its signal line (yellow band).

If XRP price manages a candlestick close above $0.6677, skeptics would join in. The ensuing buying pressure could propel the remittance tokens price to $0.7000. In a highly bullish case, Ripple price could extend the gains to the range high at $0.7440, around 16% above current levels.

XRP/USDT 1-day chart

On the other hand, if early profit takers pull the trigger, cashing in on the ground covered in the last two days, Ripple price could pull back. A daily candlestick close below $0.5853 would invalidate the bullish thesis.

Also Read: XRP holders lose interest, shed holdings as Ripple and SEC seal lawsuit proceedings

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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crashing spot ETF flows ferment BTC investor sentiment - FXStreet

BlackRock, the worlds largest asset management firm, has created a new tokenized asset fund, according to a March 19 SEC filing.

The initiative dubbed the BlackRock USD Institutional Digital Liquidity Fund is registered in the British Virgin Islands and developed in partnership with San Francisco-based Securitize, a company focused on asset tokenization.

The technical details of the fund and which asset classes it aims to tokenize were not disclosed in the filing and remain unclear. On-chain data shows the fund has been seeded with an initial capital of $100 million USDC on the Ethereum blockchain.

The companies have yet to make a public announcement and did not respond to a request for comment as of press time.

The establishment of the BlackRock USD Institutional Digital Liquidity Fund is reflective of the increasing interest in the tokenization of real-world assets. This emerging sector aims to combine the capabilities of digital assets with traditional finance to streamline the settlement process and enhance transactional efficiency via blockchain technology.

The market responded positively to the announcement of the fund, with a notable increase in the value of ONDO, the native token of Ondo Finance, a platform that facilitates the tokenization of real-world assets.

The token was trading at $0.5 as of press time, up 12% over the past 24 hours despite the wider market crash, according to CryptoSlate data.

With this new venture, BlackRock has positioned itself at the forefront of integrating digital assets with traditional financial services, potentially setting a trend for more institutional investments in blockchain technology.

The Digital Liquidity Fund is the latest step in BlackRocks broader journey in the digital assets industry, following the introduction of its spot Bitcoin ETF IBIT in January. The ETF has seen record-setting performance since its launch and rapidly attracted over $15 billion in assets under management.

The firm also has an Ethereum ETF application in the pipeline and is considered to be bullish on both crypto and the underlying blockchain technology that allows tokenization.

BlackRock CEO Larry Fink recently highlighted the strategic importance of BTC and ETH ETFs as precursors to wider adoption of tokenization in the financial industry. He said these products would open the door to a significant shift towards incorporating digital assets into conventional financial practices.

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BlackRock launches $100 million tokenized asset fund using Ethereum - CryptoSlate