Since hitting an all-time high of $ 4,870 on November 10, the price of Ether (ETH) has been recording lower lows over the past 50 days. If this downtrend continues, the lower trend line support suggests that the altcoin will bottom out at $ 3,600. Still, the derivatives data indicates that professional traders are not concerned about the seemingly bearish market structure.
Price of the Ether / USD pair in FTX. Source: TradingView See how price spikes are subsiding over the 12-hour time frame as mounting regulatory concerns drive investors away from the sector. At a press conference on December 17, Russia’s Central Bank Governor Elvira Nabiullina stated that banning cryptocurrencies in the country is “quite feasible.”
Nabiullina cited the frequent use of cryptocurrencies for illegal operations and significant risks to retail investors. Russian President Vladimir Putin also recently criticized cryptocurrencies, saying they are not backed by anything. Interestingly, the country plans to launch its own central bank digital currency even as the Russian ruble has lost 44% against it in the past four years.
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