The price of this altcoin bought by the Turks appears to be in limbo as it hovers below the midpoint of the recent decline. We have compiled the warnings for the altcoin specified as Kriptokoin.com for you.
This altcoin price is confusing
Ethereum price hit a local top at $1,744 on February 16. From that point on, ETH tried to rise, but profit-taking coupled with non-existent momentum for Bitcoin led to consolidation. This short sideways move left a lot of uncrowded liquidity to the upside near $1,721 and triggered a correction to $1,604.
As a result of this move, the inefficiency ranging from $1,591 to $1,623 disappeared. As this brief arrival of the bears came to an end, Ethereum price attempted a recovery, leaping 5.32% so far, labeling the midpoint of the range at $1,674.
A bounce at this level followed by a sustained rise could catalyze Ethereum price to trigger another recovery rally that tags the range at $1,744. In a bullish case, this move could rise further and retest the psychological $2,000 level.
Analyst expects this altcoin to continue its uptrend
A popular crypto analyst is also bullish and posted his thoughts on Ethereum price. He explains that the bounce from $1,600 is a good place for long ETH, and he expects this recovery rally to tag the $1,816 hurdle, which is roughly 13% away from the entry point.
Indeed, $1,600 is a great level for longing on #Ethereum.
Most likely, the trend will continue from here. pic.twitter.com/dF12ODJmCc
— Michaël van de Poppe (@CryptoMichNL) February 23, 2023
While the bullish outlook for Ethereum price seems reasonable, it depends on ETH to flip the midpoint of the range to $1,674. Failure to do so may cause the smart contract token to continue its descent.
In such a case, Ethereum price could revisit the $1,604 low range. The ideal target for the bears would be inefficiency stretching from $1,565 to $1,551.
OFAC blocks down to 28%
The number of OFAC blocks increased to 79% after the United States Office of Foreign Asset Control (OFAC) ensured that ETH blocks produced on October 11, 2022 were compliant. OFAC-compliant blocks allow validators to exclude transactions involving parties sanctioned by the US Department of the Treasury OFAC. Initially introduced, it scared investors that it could decentralize the Ethereum blockchain, things seem to have changed in the last four months.
The total number of OFAC-compliant blocks now accounts for roughly 28% when viewed at five-minute intervals. But it still accounts for 44% in the daily timeframe, which is usually a high rating.
Ethereum ICO whale moves $8.3M worth of ETH tokens
The Ethereum owner, who participated in the Initial Coin Offering (ICO) for ETH in 2016, moved his tokens on February 23. According to Etherescan data, the person moved 5,055 ETH tokens worth about $8.3 million to a new address. The old address currently holds approximately 5,040 ETH worth $8.3 million over the current market cap of $1,665.
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