ethereum (eth) has seen another drop in the last 24 hours, losing 4% of its value as bears maintain control of the market.
eth is now trading around $2,230, 17% below its local high of $2,710 set on January 12.
However, as ethereum struggles, the bitcoin Minetrix (BTCMTX) pre-sale continues to gain momentum and has now raised a staggering $9.1 million in funding.
ethereum extends losses as selling pressure mounts
eth has closed in the red for four consecutive days, falling below the 50-day exponential moving average (EMA) in that time frame.
The token is now trading at the same level as it was during the first week of January, just before its 25% surge.
While the price of eth has been falling, trading volumesethereum/” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”> have increased by 26%reaching 16.6 million dollars in the last day.
This suggests that cryptocurrency traders are actively selling eth at current levels, creating additional bearish momentum.
The next potential support for eth lies around $2,150, which held firm for most of December.
However, if eth breaks this level, it could result in a further 10% drop to the next support region at $1,900.
With thecrypto/fear-and-greed-index/” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”> crypto Fear and Greed Index Falling to a value of 48, there is a growing belief among traders that a drop like this could be on the cards, especially given the bearish pressure seen in the rest of the crypto market.
Spot ethereum ETF Hopes Face Regulatory Resistance from SEC
While ethereum's price woes have weighed on sentiment recently, there is a potential catalyst on the horizon that could give eth a significant boost.
Numerous companiesethereum-etf-approval-may-ether-price-surge” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”> have filed applications with the SEC for a spot eth ETF in the US, and approval would allow mainstream investors to easily access exposure to ethereum for the first time.
However, the prospects for such an ETF launching remain uncertain, and SEC Chairman Gary Gensler remains tight-lipped.
Furthermore, while bitcoin spot ETFs were approved earlier this year, Gensler stated that this does not indicate a willingness to greenlight other crypto funds.
The first decision deadlines fall in May 2024, and additional decisions on other applications are expected during the summer.
If a spot eth ETF were to be approved, analysts predict it could have a massive impact on the value of the token.
However, with the matter still months away from clarification, ethereum holders may have to prepare for further downsides in the interim.
Revolutionary bitcoin Minetrix Defies Downtrend With Mine Staking Innovation
As markets wait to see if ethereum can recover or gain momentum thanks to a possible ETF approval, some crypto projects are moving forward despite the bearish sentiment.
An example isethereum-price-falls-another-4-but-bitcoin-minetrix-ico-nears-10-million-milestone” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”> bitcoin Minetrix (BTCMTX)an innovative platform that offers a “Stake-to-Mine” mechanism to earn bitcoin.
bitcoin Minetrix allows users to stake their native token to earn mining credits.
These credits provide access to the project's cloud mining operation, allowing participants to generate btc payments without purchasing or maintaining hardware.
Additionally, BTCMTX offers 72% annual staking rewards by simply holding the token.
This provides compound passive income, allowing users to accumulate more BTCMTX to increase their mining profits.
Unsurprisingly, this double reward mechanism has generated significant interest in the ongoing BTCMTX pre-sale event and helped project Twitter account reach 18,800 followers.
Reference has even been made to BTCMTX by high-profile YouTubers like Austin Hiltonwho endorsed the token to his 244,000 followers.
While macroeconomic conditions weigh on major cryptocurrencies like ethereum, bitcoin Minetrix proves that projects with innovative use cases can still thrive.
Early investors can purchase BTCMTX tokens through pre-sale for just $0.013, although this price will only be available for two more days before increasing.
ethereum-price-falls-another-4-but-bitcoin-minetrix-ico-nears-10-million-milestone” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”>Visit the bitcoin Minetrix pre-sale
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