Ether’s (ETH) price has shown weakness after failing to break above the $1,950 resistance on April 26. The subsequent correction drove ETH to $1,810 on May 1, nearing its lowest level in four weeks. Curiously, the movement happened while First Republic Bank (NYSE:FRC) (FRB) was seized by the California Department of Financial Protection and Innovation.
The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement with JPMorgan (NYSE:JPM) to protect FRB depositors, estimating a $13 billion loss.