Ethereum is under huge liquidation pressure and continues to maintain its downtrend momentum, regardless of its optimistic supporters. Bitcoin's decline and growing concerns that the U.S. Securities and Exchange Commission (SEC) will classify it as a security have capped its uptrend. If this happens, it will be a serious blow to ETH in the short to medium term. The decision to classify the coin this way could also cause the price to fall, similar to how XRP fell when regulators sued Ripple in late 2020.
At the time of writing, ETH price is still in the red, and unless fortunes turn around sharply, this situation is likely to continue this week. According to the tracker, the coin was stable on the last day, down 3% compared to the previous week. Further losses could occur soon if Ethereum pushes the price below the $2,800 floor. Trading volumes have been low so far, hovering around $11 billion the previous business day.
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The following Ethereum news events will determine the success or failure of the coin.
- Analysts believe the US SEC considers ETH to be a security based on the reaction to the ETF application. This classification automatically means that regulators will not approve the product until a legal definition of the asset is established.
- After integrating EIP-1559 and introducing base rates and write functionality, Vitalik Buterin wants to overhaul the entire gas model. Now, the co-founder wants a new gas pricing model for call data through his EIP-7706. After Dencun went live, layer 2 protocols started using cheaper BLOBs.
Ethereum price analysis
Overall ETH/USD The spot rate continues to have a bearish structure.
Momentum is stalling as Ethereum price hits new lows. At the same time, prices continue to form a bull market, considering the sharp rise in Q1 2024.
Technically, ETH is supported at $2,800. The upside resistance is at $3,300.
As mentioned above, a sharp drop below the April and May lows of $2,800 could trigger a massive sell-off, accelerating the decline to $2,600 and even $2,200.
If there is a breakout bar, the droplet velocity will be faster. Trading volume higher than recent average.
