Is Ethereum Safe to Buy as Cryptocurrencies Get Hit Again?

It’s another bumpy day in the cryptocurrency space as headlines continue to fly and as uncertainty remains high.

Ethereum is down 10.5%, while Bitcoin is off 7%. The group is suffering its worst decline since last month. Bitcoin is now testing into prior support, while Ethereum is clinging to its rising trend line.

As we’ll go over in a minute, the technicals showed signs of waning momentum. However, Tuesday’s news doesn’t seem to be helping.

Specifically, federal agents were able to seize most of the Colonial Pipeline ransom payment. Then there’s also reports out that the IRS has been asking Congress for permission to regulate cryptocurrency.