Ethereum price outlook weakens, but ETH derivatives suggests $1.6K is unlikely
Another top-20 U.S. bank bites the dust, but Ethereum price fails to benefit from the event. Ether (ETH) price has shown weakness after failing to break above the $1,950 resistance on April 26. The subsequent correction drove ETH to $1,810 on May 1, nearing its lowest level in four weeks. Curiously, the movement happened while the First Republic Bank (FRB) was closed by the California Department of Financial Protection and Innovation. Curiously, the movement happened while the First Republic Bank (FRB) was closed by the California Department of Financial Protection and Innovation. The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement with JPMorgan to protect FRB depositors, estimating a $13 billion loss. Regarding this latest major U.S. bank failure, UBS analyst Erika Najarian stated, "This deal does not change the rates, recession, and regulatory headwinds that regional banks are facing." ETH price ignores banking crisis Curiously...