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Ethereum could end consolidation with a dip towards $2000

26 January 2024 Written by Alex Kuptsikevich  FxPro Senior Market Analyst Alex Kuptsikevich

Volatility in the cryptocurrency market remains subdued, keeping the capitalisation near $1.56 trillion for the third day. Meanwhile, Bitcoin remains around $40K, and Ethereum looks pegged to $2200. The drop in equity indices over the past 24 hours hasn't been too much of a concern for cryptocurrency investors so far, as it looks more like a series of individual corporate stories rather than a global shift in sentiment. Bitcoin is benefiting from this consolidation as its share of all cryptocurrencies has once again surpassed 50%.

Bitcoin remains around $40K

Meanwhile, Ethereum, the second most-capitalised coin, has returned to the lower end of the consolidation it spent most of December in, losing since the start of the day and threatening to fall a notch lower to the $2100 area, which was the upper end of the consolidation in November. A decline here would be as logical a move as a BTCUSD pullback to $37500, which remains the main scenario. At the same time, however, be prepared for a brief dip towards $2000 due to cryptocurrency volatility.

News background

The EC postponed the decision on BlackRock's application to launch a spot Ethereum ETF until 10 March. Optimistic experts expect the Ethereum ETF to be approved in May with a 50-70% probability, while sceptics point to regulatory resistance. The emergence of spot bitcoin ETFs in the US has opened the door for the cryptocurrency to reach a wider audience. Now, for the first time, cryptocurrency could become mainstream, said the head of institutional at exchange Coinbase. New cryptocurrencies will attract a lot of capital, but it won't happen overnight. It will take "months and even years".

Ethereum could end consolidation with a dip towards $2000

The G20’s Financial Stability Board in 2024 plans to focus on global regulations for the digital asset industry and the regulation of artificial intelligence. Reuters confirmed the existence of a thriving underground crypto market in China. Investor interest in digital assets is growing against the backdrop of a troubled economy and a lack of value preservation tools. With Hong Kong's approval of digital assets in 2023, Hong Kong has become one of the opportunities for Chinese investors to access cryptocurrencies.

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