Ethereum News: ETH Faces Further Decline Risks Despite Potential Price Rally

In a volatile cryptocurrency market, Ethereum (ETH) is facing risks of further decline despite testing a key resistance level. Transaction fees have dropped to all-time lows, contributing to ETH’s underperformance in the current market cycle.

Ethereum Price Forecast: ETH Risks Further Decline

Ethereum (ETH) prices remain subdued as transaction fees drop to all-time lows. The recent crypto downturn, sparked by President Donald Trump’s tariff threats, has largely affected Ether’s performance. Grayscale notes that the declining transaction fees are responsible for ETH’s underperformance in the current market cycle. ETH tested the resistance at $2,069 on Monday and could rise to $2,200 if it firmly clears this level.

Ethereum (ETH) Price Prediction for March 24

As of now, Ethereum (ETH) is trading at $2,087.30 after posting a 4.60% increase over the past 24 hours. However, over the past 30 days, Ethereum has experienced a 24.51% decline, reflecting broader market corrections and uncertainty. The 24.51% decline over the past 30 days reveals that, over a longer period, the market has been bearish. This divergence between short-term rallies and longer-term corrections is typical in the crypto space and highlights the need for careful technical analysis. Momentum indicators provide additional clarity: The Relative Strength Index (RSI) is currently hovering around the mid-50s, suggesting that Ethereum is neither overbought nor oversold.

Coinbase CLO Pushes for Tornado Cash Sanction Removal

Coinbase’s Chief Legal Officer, Paul Grewal, is advocating for the finalization of the Tornado Cash sanction removal following an update from the Treasury Department’s SDN. Grewal accused the Treasury Department of attempting to bypass the court’s legal ruling and revealed that the announcement of the lifting of sanctions contains an illegal moot clause, which does not align with legal precedence and fails to prevent future sanctions. Grewal shared his thoughts on social media, calling for the district court to grant the plaintiffs’ motion for partial summary judgment.

US Treasury Faces Backlash Over Tornado Cash Case Dismissal

The US Department of the Treasury is facing criticism for attempting to dismiss the Tornado Cash lawsuit without a final ruling. Tornado Cash was delisted from the Treasury’s sanctions list on March 21, along with nearly 100 Smart Contract addresses affiliated with the Ethereum-based crypto mixer. Coinbase’s Chief Legal Officer (CLO) argued that a final ruling is necessary to prevent further attacks on the protocol. The move follows a November court ruling that determined the US Treasury had exceeded its authority by sanctioning the platform.