Ethereum (ETH) has seen another leg down over the past 24 hours, shedding 4% of its value as the bears maintain control of the market.
ETH now trades around $2,230 – 17% below its local high of $2,710 set on January 12.
However, while Ethereum struggles, the Bitcoin Minetrix (BTCMTX) presale continues gaining 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 straight days, dropping below the 50-day exponential moving average (EMA) in that time frame.
The token is now trading at the same level it was during the first week of January, right before its 25% surge.
While ETH’s price has been dropping, trading volumes have increased by 26%, hitting $16.6 million in the past day.
This suggests that crypto traders are actively selling ETH at current levels, prompting additional downside momentum.
The next potential support for ETH is located around $2,150, which held firm throughout most of December.
However, if ETH were to break this level, it could result in a further 10% drop to the next support region at $1,900.
With the Crypto Fear & Greed Index dropping to a value of 48, there’s a growing belief among traders that a decline like this could be on the cards – especially given the bearish pressure seen throughout the rest of the crypto market.
Spot Ethereum ETF Hopes Face Regulatory Resistance from the SEC
While Ethereum’s price woes have dampened sentiment recently, there is a potential catalyst on the horizon that could give ETH a significant boost.
Numerous companies have filed applications with the SEC for a spot ETH ETF in the US, and approval would allow mainstream investors easy access to Ethereum exposure for the first time.
However, the prospects of such an ETF being launched remain uncertain, with SEC Chair Gary Gensler remaining tight-lipped.
Moreover, while spot Bitcoin ETFs were approved earlier this year, Gensler stated this does not indicate a willingness to green-light other crypto funds.
The first decision deadlines fall in May 2024, with additional rulings on other applications expected over the summer.
If a spot ETH ETF was approved, analysts predict it could have a massive impact on the token’s value.
Nevertheless, with clarity on the matter still months away, Ethereum holders may have to brace for further downside in the interim.
Revolutionary Bitcoin Minetrix Defies Bear Trend with Stake-to-Mine Innovation
While the markets wait to see if Ethereum can bounce back or gain momentum from a potential ETF approval, some crypto projects are powering forward despite the bearish sentiment.
One example is Bitcoin Minetrix (BTCMTX), an innovative platform offering a “Stake-to-Mine” mechanism for earning Bitcoin.
Bitcoin Minetrix allows users to stake its native token to earn mining credits.
These credits provide access to the project’s cloud mining operation, enabling stakers to generate BTC payouts without purchasing or maintaining hardware.
In addition, BTCMTX offers staking rewards of 72% per year for simply holding the token.
This provides compounding passive income, allowing users to accumulate more BTCMTX to boost their mining earnings.
Unsurprisingly, this dual-reward mechanism has driven significant interest in the ongoing BTCMTX presale event and helped the project’s Twitter account reach 18,800 followers.
BTCMTX has even been referenced by high-profile YouTubers like Austin Hilton, who endorsed the token to his 244,000 followers.
While macro conditions weigh on major cryptos like Ethereum, Bitcoin Minetrix demonstrates projects with innovative use cases can still thrive.
Early investors can buy BTCMTX tokens through the presale for just $0.013 – although this price is only available for two more days before increasing.
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