Ethereum Price Prediction as Bulls Hold $1,400 Level – Where is ETH Heading Now?

cryptonews.com:

After a brief dip below the $1,400 level for the first time in nearly two months earlier in the session, Ether (ETH) has managed to regain a modicum of composure in wake of the release of a mixed US jobs report for February.

ETH, the cryptocurrency that powers the smart-contract-enabled Ethereum blockchain, was last changing hands close to $1,425, after US wage growth came in cooler than expected and following a surprise jump to 3.6% in the US unemployment rate.

That still leaves Ether still down close to 1.0% on the session and close to 7.0% lower in the last 24 hours. The ETH price cratered from the mid-$1,500s on Thursday amid a combination of concerns relating to the collapse of crypto-friendly Silvergate Bank and a growing liquidity crisis at fellow crypto-friendly bank SVB Financial.

Sell pressure was exacerbated after the New York Attorney General referred to Ether as a security in its ongoing lawsuit against KuCoin. Crypto markets have been fretting about a regulatory crackdown from US authorities in recent weeks and some fear the US Securities and Exchange Commission may soon attempt a crackdown on Ether, claiming it to be an unregistered security.

Some have also cited the Biden administration's latest budget, which would seek to crack down on crypto tax loss harvesting, as a headwind for prices.

The latest tumble in the ETH price has unsurprisingly resulted in a spike in leveraged long-position liquidations. Long future’s positions worth nearly $63 million were wiped out on Thursday, according to data presented by coinglass.com, the highest since the 23rd of January.

Long liquidations on Friday are also already around $30 million, substantially higher than the average level of recent weeks.

Investors are increasingly