Ethereum up for a fair fight- Horror movie might turn into an action one

  • Charles Hoskinson mocks ETH amid OFAC censorship concerns.
  • Vitalik Buterin’s update about the network roadmap causes the market to shake up.
  • The past day’s volume of ETH fell by 23%.

Amidst the tragic circumstances, the playful rivalry between Charles Hoskinson and ETH causes a little change in path. He mocks Ethereum whilst OFAC censorship, labeling Ethereum as the Hotel California of crypto and “the Shining” horror film. This triggered sentiments in the market participants and was seen in the statistics.

Source: Tradingview

The prices kept falling, reflecting the impact caused by the FTX crash and ongoing cold crypto. It is seen sudden to and fro movement after Charles Hoskinson’s statement. The supporters were empowered with Vitalik Buterin’s update on the network roadmap. The price witnesses heavy sales and purchase competition, with bears trying to bring it down and bulls trying to lift the market. The BB bands diverge concavely, directing to a possible shrink soon.

Source: Tradingview

The market is currently mixed, neither bullish nor bearish. The MACD indicator shows signal line above the MACD line after the bearish breakthrough but may converge soon. The RSI indicator floats in the 30-50 range, but is observed to be highly volatile and can go beyond the 30-mark to oversold zone.

Source: Tradingview

The market seems to pick itself up. The MACD has turned bullish, with the signal line being crossed by the MACD line and a bundle of purchases. The RSI indicator moves closer to the midzone, goes slightly flat, and may even cross the 50-mark average to reach the 50-60 range.

Conclusion

The recent comments and newer updates have caused the ETH market to be vulnerable and are fighting to turn bullish amid this mess in the crypto space. The prices may rise soon and show an uptrend and regain the balance and trust of its fans.

Technical levels

 Support levels: $1,183 and $1,003

 Resistance level: $1,656 and $1,768

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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