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The price of Ethereum (ETHUSD) is plunging today as investors react to the latest news on OKEx. The price fell more than 3% and is trading at $ 364. Other digital currencies are also down, with Bitcoin, Bitcoin Cash, and Litecoin all down more than 3%.
The biggest catalyst for the current price action in the digital currency market is OKEx, a leading exchange. In an announcement, the company said it was suspending all withdrawals as one of the master key holders went missing. The company said it was partnering with security agencies.
OKEx, like most digital exchanges, usually store coins in a cold room. Then they distribute the keys of these companies to their owners. Now, it happens that one of the people he trusted to memorize these keys has disappeared. Worse still, like most digital exchanges, the company has ties to China.
The disappearance reminds people of what happened in 2019 when the founder of QuadrigaCX died. He was the only one with the cold and stiff keys to the exchange. Investors lost more than $ 130 million.
The price of Ethereum is therefore falling due to the size of OKEx, which is one of the largest exchanges in the world. It is also slipping due to a lack of confidence among investors in the sector.
Technical analysis of the price of Ethereum
The four-hour chart shows that Ethereum’s price fell from its October 12 high of $ 395 to a low of $ 361. The lowest price was also along the Fibonacci retracement level. (This retracement links the low of September with the high of this month). The price also moved below the 25 and 50 day exponential moving averages.
Therefore, bears appear to have prevailed, which brings the psychological level of $ 350 into view. On the flip side, a move above the 23.6% retracement to $ 376 will invalidate this trend.
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ETHUSD technical analysis
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