Ether options volume hints at bearish sentiment as the $1,850 support falters.
The Ether price has struggled to sustain $1,850 support since April 21, the same level it held before the rally toward $2,100 initiated on April 13. Investors have reason to question whether there are buyers, considering the 13.5% price correction in six days and the $548 million in leveraged futures longs liquidated between April 19 and April 21.
First, the regulatory environment seems to have gotten stricter for centralized exchanges. Dubai-based Bybit, for instance, announced that all users must complete Know Your Customer (KYC) identity verification by May 8 for order execution and withdrawals. Until May 8, non-KYC users have a monthly withdrawal limit of 100,000 Tether.
United States-based crypto exchange Gemini announced on April 21 the upcoming launch of a derivatives platform outside the country. The uncertain regulatory environment forced the company to seek alternative locales, though only clients from selected regions can access the new service. The list excludes the U.S., Canada and most European countries, except Switzerland.
Ethereum network is navigating in troubled waters
Given its lower use in decentralized applications (DApps), the Ethereum network is probably experiencing its own problems. For starters, total deposits on Ethereum’s smart contracts in Ether terms plunged to their lowest levels since August 2020. Such an analysis already excludes the effects of native Ethereum staking, which recently started to allow withdrawals.
Source : [Ether price struggles to maintain support as regulatory challenges and network issues weigh](cointelegraph.com/news/ether-price-struggles-to-maintain-support-as-regulatory-challenges-and-network-issues-weigh) by Cointelegraph By Marcel Pechman - Cointelegraph.com News by Cointelegraph By Marcel Pechman / April 24, 2023
