Ethereum found buyers around the Quarter’s VWAP after the crypto sector dropped as China banned all cryptocurrency transactions and mining while the PBoC, China’s central bank, developing its own digitial currency (CBDC) named e-CNY – the digital currency electronic payment (DCEP) uses blockchain technology similar to cryptocurrency but is centrally controlled and operated. Additionally, user data is collected and kept by the state.

Ethereum buyers might be targeting the upper microbalance area and VWAP close level while the topic around China pressures.