The ETH/USD was closed at 1587.86 after placing a high of 1619.02 and a low of 1579.73. Ethereum prices fell for the 6th consecutive session on Thursday and reached below 1600 level amid the decline in Bitcoin prices. Bitcoin on Thursday was down by 10.08% on the day that was its largest one-day percentage loss since 21st January. This sudden decline came in after Bitcoin saw its market cap decline under the $1 trillion range for the first time in a week. It all resulted from an announcement given by the CEO of Tesla, Elon Musk that crypto uses will be able to buy Tesla products by way of Bitcoin payments. This news greatly impacted the crypto market, with the world’s largest cryptocurrency falling by 10% in a single day.

The further adoption of Bitcoin resulted in declined market capitalization, which negatively affected its prices as the market cap dropped below $1 trillion for the first time in a week. The negative sentiment around the crypto market did not stop at Bitcoin, but it also affected the second largest cryptocurrency Ethereum. Ehtereum prices fell below the $1600 level for the first time in almost two weeks as a result of a massive decline in Bitcoin prices.

On the Other hand, the new crypto staking service provider name Staked has entered into the asset management space with its new ETH trust product. The Staked ETH Trust provides investors both experience to ETH and staking rewards of about 7.5% annually, in contrast to Grayscale Ethereum Trust and other similar products that only provide ETH exposure.

The co-founder and CEO of Staked, Tim Oglivie, said that the firm wanted to offer three services in one vehicle to traditional investors. Staked will provide purchasing, custody, and staking of crypto assets was complicated before. He added that the appeal of owning cryptocurrency is growing, and so does the desire to earn staking reward. The Staked Eth2.0 Trust will move dramatically lower down the barriers to entry for more traditional investors. He believed that when staking was made more accessible for a larger pool of capital, then participation levels will grow significantly.

Daily Technical Levels
Support Resistance
1531.40 1668.15
1476.82 1750.32
1394.65 1804.90
Pivot Point: 1613.57

The ETH/USD traded sharply bearish to test the support level of 1,520 and bounced off over this level to recover a few of the losses. Right now, the pair is trading at 1,594 area, and it’s likely to face immediate resistance around 1,654 level. On the lower side, ETH/USD is likely to gain support at the same low level of 1,521. The MACD and RSI support a selling bias; therefore, the breakout of 1,521 level can drive more selling until 1,450 level. For now, it may head higher to target the 1,654 level today. Good luck!