Ethereum price slide today giving up almost all gains since the August 13 breakout as investors book some profits off the table after the recent impressive rally in Ethereum and the other major cryptocurrencies. Investors are also trading cautiously ahead of the Jerome Powell speech in Jackson Hall. Analysts expect the Fed to announce measures to increase inflation moving the inflation target above the 2% mark.
The correction in cryptocurrencies accelerates during the American trading session. Bitcoin is 3.14% lower at 11,392. Ripple is 3.88% lower at 0.2774 while Litecoin is 4.69% lower at 59.05.
In cryptocurrency regulatory news, the Financial Conduct Authority now wants crypto companies operating in the UK to provide information regarding the money laundering risks.
Crypto exchanges and cryptocurrency wallet firms must provide information to FCA with details like the number of clients they serve and the exact locations of their clients. This kind of Anti Money Laundering information will be required by the Financial Conduct Authority starting in January 2022.
Ethereum Analysis
Ethereum price is the big outperformer today as it gives up 6.18% at $383.42 in a sharp correction that offsets the recent breakout from the consolidation phase in early August.
Intraday support for the number two cryptocurrency stands at 380.22 today’s low. More bids might emerge at 374.05 the low from August 13. Bulls will have to worry if the Ethereum price breaks below the 50-day moving average at 334.12.
On the other hand, resistance for Ethereum is at 409.01 the daily top. More selling pressure would be met at 418.86 the top from August 21. If the bulls break that resistance then the next level to watch is at 434.58 the high from August 18.
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Ethreum Price Daily Chart
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