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coin mining: Ethereum has been chasing a price of $ 2,200

coin mining: Ethereum has been chasing a price of $ 2,200

Ethereum’s $ 1.5 billion monthly maturities that ended on June 25 turned out to be quite favorable for the market bears. At expiration, Cointelegraph reported that the price of $ 2,200 was quite important if the cryptocurrency was to eliminate the bear-neutral put options set at 73%. It’s no wonder that the cryptocurrency token was chasing that price wholeheartedly.

coin mining: Ethereum has been chasing a price of $ 2,200

However, the bulls proved unable to sustain this advantage, simply because the expiration price was around the $ 1,950 range. In the end, put options easily outnumbered call options from a neutral to bullish range by $ 30 million.

Ethereum Coin Mining with market bulls

The current month, on the other hand, has shown quite a notable spike in its 10% count, with the cryptocurrency price struggling to hold the $ 2,100 support. The negative performance of Bitcoin could also be one of the main reasons behind this inexplicable price movement, but the hard fork in London that has been scheduled for this month seems to be the most responsible factor.

The EIP or Ethereum 1559 upgrade proposal will surely limit gas fees, making it even more predictable for users. On the other hand, most of the miners’ income will soon be negatively affected. This implies that any rejection from miners could easily delay Ethereum 2.0, making it a major point of price weakness.

Furthermore, the regulatory pressure exerted on Ethereum and other cryptocurrencies could also be a reason for the negative sentiment in the market. For example, the United States Financial Crime Enforcement Network recently announced that most cryptocurrencies would be considered one of the top national priorities in their fight against financial terrorism. The branch will also ensure that they are ensuring adequate anti-money laundering policies.

coin mining: Ethereum has been chasing a price of $ 2,200

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