Ethereum remains in a narrow range below $3,000. Sellers currently have the upper hand, matching the losses in mid-April. Widespread and massive bear bars on April 13 form the current formation. There was another worrying drop on April 30th, but the bulls have not been able to reverse it yet. Therefore, unless there is a definitive close above the current range of $3,300, there is a risk that the bears will remain in control and push the price further down.
Consolidation is evident in price trends. So far, the coin has moved sideways. The deficit continued compared to the previous week, dropping by 5%. Due to the overall slowdown in activity and weak prices, average transaction volume was also below average, with print value of just $12 billion. From Ethereum price action, the direction of a breakout above $3,300 or $2,800 confirms whether the current sideways movement is distribution or accumulation.
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Traders are tracking Ethereum trending news. Some of the leading headlines include:
- If the price of Ethereum is to rise, there should be a big announcement that will trigger it. At the top of the list is whether the US SEC will surprise the community by approving any of the applications filed this month. If that happens, ETH will likely rise above $4,000. Until then, the debate over the future of Spot Ethereum ETFs is dominating the headlines.
- Yesterday, my 8-year-old ETH wallet approved the transfer of $12 million worth of coins to Coinbase, a leading cryptocurrency exchange. Previously, this address purchased 12,427 ETH from Poloniex at $11/$1, resulting in a profit of over 270x.
Ethereum price analysis
ETH/USD is under huge selling pressure and struggling with a wave of liquidations.
Prices may rise more than expected.
Until then, sellers will take control if the price rises above $3,300.
Aggressive traders may consider doubling down on their shorts to align with the trend defined by the April 13th and 30th candles.
So far, Ethereum is still within a bearish formation. A loss below $2,800 confirms the bear market breakout in mid-April, and further losses could reach $2,600.
