Ethereum is currently on the road to recovery following a weekly retracement. ETH reached the $3,000 price level today, indicating a return of buyers.
Whale activity has increased again amid the price recovery, with over 36,000 ETH tokens moving. Will this affect the price of Ether?
Ethereum whale movement affects Ether price
According to on-chain analytics platform Whale Alert, 36,763 Ethereum Moved within the past day.
The whale's address transferred 25,772 ETH to Coinbase Institutional, a major cryptocurrency exchange, and another whale received 10,990 ETH from Coinbase within the same period.
These trades coincide with Ethereum's price movements, causing mixed emotions among market participants.
Meanwhile, Ethereum price rose slightly today, $2,980 As of 5:37 a.m. ET, it was up 1.4% in 24 hours. The monthly chart suggests that the token has entered a consolidation phase characterized by large swings around the $3,000 price level.
Ethereum Spot ETF decisions likely to impact price
The uncertainty surrounding the approval of the Spot Ethereum ETF by the U.S. Security and Exchange Commission (SEC) is a major factor influencing the price of Ethereum.
While enthusiasts are eager for approval, MicroStrategy's CEO says: michael saylor, I am critical of the Ethereum ETF. According to Saylor, Ethereum is a security. Therefore, the SEC will never approve his ETF of altcoins.
Saylor's assertion comes just 20 days before the May 23 deadline for ETH ETFs. The SEC will approve or deny the Ethereum ETF application on that day.
Saylor also believes that other altcoins such as BNB, SOL, Cardano, and XRP will also be classified as unregistered securities. He noted that Bitcoin stands alone in attracting institutional acceptance and there is no next best token.
meanwhile opinion Opinions are divided on the approval of Ethereum ETFs, but a positive response is likely to attract more investors. If the ETF is approved, Ethereum is likely to post a massive rally.
However, nothing is certain yet, and if the SEC refuses to approve a spot ETH ETF, a fall in Ether is imminent.
What’s next for Ethereum?
ETH formed a red candle on the daily chart after rising to $3,000 earlier today. Sellers continue to mount pressure, forcing the price to fall through the $3,032.8 resistance level.
However, ETH has found support at the $2938.2 price level, which is important to prevent further decline.
The Parabolic SAR indicator is moving above the candlestick, which is a bearish signal for further decline. This confirms the bearish signal shown by the RSI, which is at 39.08 and approaching oversold territory.
Given the upcoming spot ETF decisions and the current mixed market sentiment, Ethereum's price is subject to significant speculation. Prices may continue to consolidate over the next few days until a decision is made, which could either push the stock higher or cause it to fall.
