Ethereum Faces New Downside Risk, Analyst Warns of Drop to $1200
**Ethereum Shows Bull Trap Setup; $1,200 Target Looms Amid Weak Fundamentals & Technical Risks**
March 30 – Cryptocurrency analyst Leshka.eth shared an analysis noting Ethereum’s (ETH) recent price action mirrors a historical short-term **bull trap**, with additional downside risk and a potential target of $1,200 (a roughly 40% drop from current levels).
Technically, ETH’s daily Supertrend indicator failed to hold two “long” signals in October 2025 and January 2026, sparking 45% and 48% pullbacks afterward, respectively. A similar setup is now forming near the key $1,990 level; a break below that mark could trigger another round of accelerated selling.
Fundamentals and funding conditions are also weak:
- **Macro**: Middle East geopolitical tensions and recession fears are weighing on risk appetite, while the market has pushed back Fed rate cut expectations significantly.
- **Flows**: U.S. Ethereum spot ETFs recently saw net outflows of ~$300 million, and on-chain demand ha
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Iranian Official Says Plan in Place to Impose Access and Toll System on Vessels Passing Through the Strait of Hormuz
On March 30 local time, Aladdin Borujerdi—a member of Iran’s Parliamentary National Security and Foreign Policy Committee—said Iran is seriously considering withdrawing from the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) amid the current international security situation and external threats.
Iran also plans to implement a stricter access and fee system for vessels transiting the Strait of Hormuz, he added.
Borujerdi noted Iran currently has full control over the strategic waterway. He revealed the country intends to establish a new strait management regime modeled after Turkey’s oversight of the Bosporus and Egypt’s management of the Suez Canal—requiring vessels to obtain Iranian permission and pay corresponding transit and service fees.
(Source: FX168)
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China's Urumqi in Xinjiang Region Cracks Down on Illegal Crypto Mining Rig Maintenance Site, Seizes 310 Devices on the Spot
March 30 — The Urumqi Public Security Bureau’s High-tech Zone (Xinshi District) Sub-bureau reported on March 26 that during a patrol in Ergong Township, officers uncovered a site suspected of illegally repairing cryptocurrency mining rigs.
The team identified an unusual warehouse on Yuhang Road in Xinshi District, where large quantities of disassembled and pending-repair mining equipment were stacked — in violation of China’s ban on the production, sale, repair, lease, or hosting of mining rigs.
During enforcement actions, police also found serious safety hazards at the site: illegal electrical connections, fire protection facilities that failed required annual inspections, and no fire management system. These posed significant risks of fire and electric shock.
A total of 310 mining rigs awaiting repair were lawfully seized on the spot. Relevant evidence has been collected, and the parties involved have been ordered to immediately cease their illegal activities. The case has b
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Support for Gaza War Drops as Anti-War Protests Emerge Across Israel
**March 30: Israeli sources report that as military actions against Iran continue, domestic support for the conflict in Israel has declined—especially among those who "strongly support" it—compared to early March, as of March 29 local time.**
**In recent days, dozens of Israeli peace groups (including the "Peace Partners Plan") have jointly protested the government’s push for an "endless war." A report notes that on March 28, more than 1,000 people joined an anti-war protest at Hamedina Square in central Tel Aviv, marking the largest such demonstration in a month.**
**Protesters held signs with messages like "Eternal war is not strategic" and "We must oppose war even in this complex era." The event was scheduled to last one hour but stretched to nearly two hours due to clashes with police (Financial Network).**
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Japanese and South Korean Stock Markets Close Lower on Monday, with South Korea's KOSPI Index Falling by Nearly 3%
March 30 — Per Bitget market data, the Nikkei 225 closed down 1,487.22 points (2.79%) at 51,885.85. The South Korean KOSPI fell 161.59 points (2.97%) to finish at 5,277.28.
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