Ethereum price is relatively strong, but the bear market is bullish. Although the price was stable over the weekend, the failure of the bulls to consolidate their presence and push the coin above key resistance levels remains a concern. As things stand, the path of least resistance is south, and sellers have the upper hand. Going forward, the key reaction point to watch as support is his $2,800. On the other hand, optimistic bulls should track how the price reacts above $3,300.
Until then, Ethereum is under heavy selling pressure on write. He's down 4% in the past day alone, but his losses over the past week have been modest at about 1%. Due to the drop in prices, participation also shrunk to about $13 billion. That was an 11% increase compared to weekends, when activity is typically slower. However, price trends over the next few days will shape activity and participation. Regardless of the breakout, activity is likely to increase, reflecting changes in sentiment among traders.
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Traders are keeping an eye on the following Ethereum news events.
- On-chain activity is suppressed as prices fluctuate within a narrow bear market range. As I write this article, the tracker shows “gas” prices at his lowest level in six months. Gas prices are likely to fall as customers leave and take a wait-and-see attitude in hopes of recovery.
- Franklin Templeton has listed its Spot Ethereum ETF on the Depository Trust and Clearing Corporation (DTCC) website. Even so, there is no guarantee that the US SEC will approve the product in May. Many in the industry expect tough regulators to postpone rulings on all applications, including those from BlackRock and Fidelity.
Ethereum price analysis
ETH/USD Like any other asset, it is cooled during pressing.
Despite continuing its uptrend from the top-down preview, Ethereum is struggling with a wave of sellers.
The coin is in a bearish formation with resistance at $3,300.
For the uptrend to continue, the bulls need to reverse the April 13 losses and collectively break above $3,300.
Conversely, if the price falls below $2,800, the seller is responsible.
