Ethereum Stalls At $3,100, All Hopes On Spot ETF Approval: Will The SEC Disappoint?
Ethereum prices are relatively firm, but bears are pressing on. Though prices were stable over the weekend, the failure of bulls to cement their presence and drive the coin above key resistance levels remains a concern. As it is, the path of least resistance is southwards, and sellers are dominant. Going forward, a key reaction point to watch as support is $2,800. Conversely, optimistic bulls should track how prices react at $3,300.
Before then, Ethereum is under immense selling pressure when writing. Dumping 4% in the past day alone, losses over the past week is mild, at roughly 1%. Dropping prices have also caused participation to contract to around $13 billion. It is up 11% from the weekend, where activity is usually muted. However, how prices perform in the days ahead will shape activity and participation. Regardless of the breakout, activity will likely expand, reflecting a shift in sentiment among traders.
Traders are watching the following Ethereum news events:
- As prices oscillate within a tight range within a bear formation, on-chain activity is suppressed. When writing, trackers show that “gas” fees are at a 6-month low. Gas fees will likely slump as users exit, taking a wait-and-see approach and anticipating a recovery.
- Franklin Templeton has listed its spot Ethereum ETF on the Depository Trust and Clearing Corporation (DTCC) website. Even so, it doesn’t guarantee that the United States SEC will approve the product in May. Many in the industry expect the strict regulator to postpone their ruling on all applications, including those of BlackRock and Fidelity.
Ethereum Price Analysis
ETH/USD is, like other assets, cooling off at press time.
Though the uptrend remains from a top-down preview, Ethereum is struggling against a wave of sellers.
The coin is within a bear formation, finding resistance at $3,300.
For the uptrend to continue, bulls must reverse April 13 losses and comprehensively break $3,300.
Conversely, sellers will take charge if there is a dump below $2,800.
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