CandleFocus Ethereum performance could hang on US election due to DeFi's regulatory hurdles
2024-10-04
Author: Content Editor
Ethereum (ETH) has experienced a 4% decline as traders anticipate high volatility leading up to the US elections, due to potential regulatory hurdles for the decentralized finance (DeFi) ecosystem. The value of ETH is closely tied to DeFi protocols that run on its blockchain, and regulatory uncertainty could impact its performance. Traders expect increased uncertainty and volatility as the election approaches, as shown by a spike in implied volatility for ETH and Bitcoin. Some major crypto investors favor Republican candidate Donald Trump due to his support for the industry, while others are concerned about the SEC's crackdown on crypto companies under the current regime. Ethereum whales have been selling off their holdings, but there have been net inflows into Ethereum ETFs. ETH is currently trading at around $2,340, and breaking below a key trendline could result in support levels at $2,100 to $2,207. Technical indicators suggest a potential reversal may be imminent.
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