Looking at the formation on the daily chart, Ethereum is falling. Although the weekend's price action showed strength, the fact that it was unable to reverse even half of the May 10 drop is a cause for concern. As it stands, despite the solid fundamentals surrounding Ethereum, the path of least resistance is to head south. How the price reacts to the April 2024 low and support, as well as the $3,300 instant liquidation level, will shape the medium-term price trend.
Traders are closely monitoring Ethereum given its impact on altcoins. So far, the coin has been moving horizontally, dropping 7% in the past week of trading after a solid last day. Sellers continue to push, rejecting further attempts to move higher, even though there is still room for upside based on the top-down preview. Lower prices mean lower engagement, with average daily trading volume of about $8.6 billion.
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The following Ethereum news developments are worth noting.
- Ethereum gas prices continue to fall, reflecting lower FOMO and perhaps the onset of fear. While Dencun's impact is being felt, the nearly 95% decline points to more fundamental factors. This is very positive, but if fees fall due to rising prices, on-chain activity on mainnet and layer 2 could spike. In this case, the gas may be reset to an average level.
- JPMorgan analysts are optimistic. In a recent notification, they stated that the US SEC may approve the Spot Ethereum ETF after all. They didn't give any schedule. The European Commission is unlikely to green light the product this year.
Ethereum price analysis
ETH/USD According to the placement of the candlesticks on the daily chart, the price has been moving horizontally for the past three days or so.
Friday's decline confirms that the bearish breakout formation of mid-April remains valid and provides guidance in the short term.
Barring a reversal above $3,100 in the coming days, sellers are firmly in control and traders should trade on this outlook.
If the closing price is above $3,300, buyers may be the only ones with a reason to buy.
However, looking at the current setup, especially if today ends on a bearish note, ETH bears could increase pressure and push the price below April lows and $2,800.
