ETH Maintains $1,650 Support – Time for Another Uptrend?

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Ethereum price managed to climb back to $1,650 and again turn this level into support after dropping below it several times in the past few days.

The support held for a better part of the last week until it was finally broken late on August 22. The crypto industry’s second-largest coin dipped to $1,600, albeit only briefly.

After reaching this level, the coin suddenly recovered despite encountering several strong resistances.

The most challenging level to breach was $1,640; after that, ETH found that $1,650 became another resistance. However, it managed to breach both on August 23, although with some difficulty. The coin peaked that day after reaching $1,688, stopping only a few dollars short of its weekly high.

However, the resistance at $1,680 pushed the price back, and after spending nearly 20 hours trying to breach it, ETH sank back to $1,645 on August 24. Since then, the price made several attempts to go back up, but it got stuck between a support at $1,650 and a resistance at $1,660.

At the time of writing, its price sits at $1,655.

ARK Invest Files Ethereum ETF Application

ARK Invest has been making headlines over the summer due to its Bitcoin ETF filing. Still, after the SEC’s decision regarding Bitcoin filings got delayed, ARK partnered with 21Shares to file two new Ethereum-based exchange-traded funds (ETFs) targeted at crypto futures.

We have two more filings for ETFs with Ethereum Futures. This pair is from the @ARKInvest/@21Shares partnership. One will be just ETH futures. The other will be both #Bitcoin& Ethereum futures.
h/t @NateGeraci pic.twitter.com/mgS9QzCdPX
— James Seyffart (@JSeyff) August 24, 2023

Like Bitcoin ETFs, Ethereum ETFs will allow market participants to get indirect exposure to cryptocurrencies without buying them, storing them, and learning how they operate. Institutions can access crypto assets in a familiar form and environment with ETFs available.

However, whether or not the ETFs will gain the regulators’ approval remains to be seen.

Bitstamp Will End Ethereum Staking for US Users

Crypto exchange Bitstamp recently announced that it will end Ethereum staking services for its US customers. Participants in staking earn rewards by locking up their tokens and confirming transactions.

However, due to regulatory ambiguities and compliance issues in the US, the exchange has decided to remove the service to avoid having problems with the local regulators.

Although US regulators confirmed that Bitcoin and Ethereum were not securities years ago, Ethereum’s status has since been questioned.

Furthermore, with the SEC filing lawsuits against exchanges, seemingly without warning, Bitstamp may have decided to emphasize compliance and risk reduction rather than risk-facing legal action.

The move is another example of what crypto exchanges must do to navigate US regulatory requirements and ensure longevity and the possibility of providing their services in a country that refuses adequate regulations.

Sonik Token Emerges as New Star of Meme Coin Sector

The crypto industry’s meme coin sector recently saw another presale launch. The new presale offers a token called Sonik (SONIK), inspired by the famous character Sonic The Hedgehog.

The project’s team highlighted that they are not affiliated with Sonic The Hedgehog or Sega. Still, they appreciate Sonic memes, which they used as inspiration to launch the new cryptocurrency.

The presale has raised over $485k in a few days, selling the token for $0.000014. According to its website, the presale will end in 11 days, or sooner if the amount set to be sold — 50% of the total supply — gets sold out.

The token’s total supply sits at 299,792,458,000, and the team is selling 50%, while 40% will be set aside for staking rewards, and the remaining 10% will be used for liquidity purposes.

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