Ethereum Crashing: ETH Down 30% in 6 Weeks Despite Spot ETF Excitement
Ethereum is dumping, decisively breaking below $3,300 and $3,000 in two days. As things stand, the coin is at multi-week lows, and sellers are firmly in control. Unless there is a refreshing bounce, aggressive traders might consider unloading on every attempt higher, ideally towards $2,800 and $2,500. This means that bears would have reversed all gains posted in late May.
Looking at the state of price action, it is clear that sellers are in charge. Ethereum is down 11% in the past 24 hours, pushing weekly losses to double-digits. As sellers press on, more traders are joining in, increasing their shorts. Accordingly, the average trading volume has been swelling over the last day, expanding to over $27 billion.
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With Ethereum under immense selling pressure, the following trending news developments are worth tracking:
- Though prices are down, Grayscale is upbeat about Ethereum as a platform and the prospect of ETH, considering its key role in priming the ecosystem. Amid rising adoption and increasing regulatory clarity, the asset could benefit massively, lifting sentiment and prices.
- As Ethereum slides, more investors are banking on the coin to recover. Most supporters are looking at the spot ETF set for launch, likely in mid-July. Currently, the United States SEC is in the final stages of approving S-1 registration forms from applicants.
Ethereum Price Analysis
ETH/USD is deep in red, and buyers are struggling amid the wave of liquidation.
Technically, since gains of the May 20 bull bar have been reversed, bears are firmly in control.
Accordingly, traders can consider shorts on every attempt higher but below $3,000. The immediate target would be $2,800. However, should there be more losses today; forcing Ethereum below May 2024 lows, ETH would easily slide to $2,500.
This preview will only change if there is an unexpected recovery above $3,000 today or over the weekend.
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