No matter if one analyzes Ether’s (ETH) longer-term or weekly time frame, there is little hope for bulls. Besides the negative 69% year-to-date performance, a descending channel has been pressuring the ETH price while offering resistance at $1,200.
Ether/USD 4-hour price index. Source: TradingView
Regulatory uncertainty continues to weigh down the sector. For example, Starling, a digital bank based in the United Kingdom, announced on Nov. 22 that it would no longer allow customers to send or receive money from digital asset exchanges or merchants. The bank described cryptocurrencies as “high risk and heavily used for criminal purposes.”
Other concerning news for the Ethereum ecosystem involved the decentralized finance (DeFi) platform AAVE, which suffered a short-seller attack on Nov. 22 aimed to profit from under-collateralized loans.