Decentral Block Post

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.

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.

Curiously, a similar exploit happened on the Mango Markets DeFi application in October. Albeit not a direct attack on the Ethereum network, the attacker has shown critical flaws in some major decentralized collateral lending applications.

Furthermore, the Singapore-based cryptocurrency lender Hodlnaut is reportedly facing a police probe over allegations of cheating and fraud. The issues started on Aug. 8 after the lending firm cited a liquidity crisis and suspended withdrawals on the platform.

Bitcoin (BTC) stayed undecided at the Nov. 24 Wall Street open as one trader reinforced a $12,000 BTC price target.

BTC price "main target" for bottom $12,000-$14,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $16,500 as an eerie calm continued on the market.

The pair nonetheless failed to convince analysts that better times were on the way, and popular commentator Il Capo of Crypto suggested that it was only a matter of time before downside resumed.

On both high timeframes (HTF) and low timeframes (LTF), the picture looked bleak.

“Htf: lower lows and lower highs after breaking a monthly redistribution range. Below June's low and at supply zone. Ltf: weak trend caused by a short squeeze (bull trap). Volume dying,” he summarized to Twitter followers on the day.

Bitcoin (BTC) exchanges may have just seen the largest exodus of user funds ever, data suggests.

Data from on-chain analytics firm Glassnode shows that on Nov. 23, major exchanges were down almost 179,000 BTC in monthly withdrawals.

Major exchanges see record BTC withdrawals

With FTX contagion still in the air, exchange users have been busy withdrawing funds to noncustodial wallets.

As Cointelegraph reported, $3 billion worth of cryptocurrency left major platforms in the immediate aftermath of FTX imploding.

That trend is ongoing, Glassnode shows, with its data capturing the largest-ever decrease in exchange BTC reserves for the 30 days to Nov. 23.