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On Wednesday, the trading price of Ethereum (ETH) ended up taking a slight fall from its high trading price. The report shows that the trading price of the second-largest asset slipped by 0.25%.
As the price of the asset fell, it ended up reversing some of the impacts that had been caused by Ethereum’s rally a day back.
Just a day earlier, the trading price of ETH had experienced a major push. The price of Ethereum was pushed by 4.20%. The Rally had helped push the trading price of ETH to a high of $1,214 per ETH.
This happened twice in six consecutive trading sessions and the trading price of ETH was able to maintain its value over the $1,200 figure.
Despite the selling pressure, the bulls continued facing the bears with all their might and were able to sustain the strong selling.
ETH Price is Oscillating between $1,200 and $1,230
For days, the bulls and the bears have been at each other’s throats to bring the trend to their side. At one moment, the trading price of ETH gets pulled to a low of $1,203.
The next moment, the trading price of ETH ends up getting pushed to a high of $1,223. This is a back-and-forth movement of the asset that has the neutral investors all confused.
They do not know which direction they have to move so they can support a particular trend. So far, it has become evident that both sides are working hard to keep the trend on their side.
The price chart shows alongside the technical factors shows that the bulls are trying to avoid a strong support level. On the other hand, the bears are trying to avoid the strong resistance level.
Latest News Surrounding SBF’s Legal Case Impacted ETH
The same day (Wednesday), the internet was filled with updates pertaining to the latest developments in the legal case of Sam Bankman-Fried (SBF).
On the same day, it was confirmed that the former CEO of the crashed and bankrupt exchange, FTX had agreed to be extradited.
It was confirmed by the teams in the Bahamas that SBF had agreed to be extradited to the United States. After being flown to the US, SBF will be presented at the US court where he will be facing the trials.
He will be prisoned in the United States for his involvement in fraud and misappropriating the users’ funds. There are strong chances that SBF may end up facing life in prison.
While in the United States, the lawmakers will be collecting all the clues and evidence to establish SBF’s involvement in the FTX crash.
They are trying to come up with enough evidence to prove that the FTX crash was planted and it was a fraud.
They are also trying to work out the internal communications that took place between FTX and Binance executives.
Binance may be in Trouble and Investors are Worried
As the FTX crashed, the US congress was concerned about the matter so they called up the paid spokesperson of the exchange, Kevin O’Reilly.
The congressmen wanted to know exactly what had happened and how the exchange ended up going bankrupt. While talking about the problems the exchange faced, O’Reilly talked about Binance.
He put the blame on Binance claiming that if it weren’t for the largest exchange and its CEO, Changpeng Zhao, FTX would still be operating.
He claimed that it was due to Binance that the FTX exchange had resorted to using the funds of the users. Now the legal teams are looking into the Binance exchange and its involvement in the matter.
With Binance coming under fire, the investors are once again, concerned about their funds on the largest crypto exchange.
They are now withdrawing their funds from the exchange, and Ether is among the liquidated crypto. Therefore, the price of ETH has started to fall in a negative direction.
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