Ethereum quickly turned red on April 30th, confirming traders' long-held concerns that ETH was weak and the bull run could end. So far, Ethereum has not only broken above $3,000, but it is likely to fall further and overcome the April 2024 lows around $2,800. Yesterday's bars were notable and widespread, with sellers firmly in control of proceedings. The price trend has so far spilled over to today.
Ethereum is down about 10% over the past day as of this writing, mirroring the overall decline seen on the daily chart. The coin is in a flash crash today as sellers and traders change their bets and predict even more losses. The average trading volume is now up to over $20 billion, an increase of 56%. This expansion indicates a change in trader sentiment. For now, traders are likely expecting a further drawdown later in the week.
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The following Ethereum news events are worth noting.
- After a six-year hiatus, Stripe now accepts cryptocurrency payments, but not Bitcoin. According to reports, the payment processor will accept stablecoins issued on Ethereum and other blockchains. One company official said the decision to resume support for stablecoins was to improve the stability of the network.
- Court filings reveal that US SEC Chairman Gary Gensler believed for at least a year that Ethereum's native currency, ETH, was a security, unlike Bitcoin. ConsenSys is currently suing regulators to consider ETH a commodity.
Ethereum price analysis
ETH/USD If you look at the price movement on the daily chart, it is falling.
Although there were early signs of strength, the April 30 crash changed this outlook.
Ethereum is trading below the psychological level of $3,000 and could break above $2,800 if sellers continue to push it today.
Bears can look for an entry as the coin is within a bearish breakout formation after the April 13 loss.
This preview is valid as long as the price limit is less than $3,300.
The immediate bearish target is $2,600.
