Like Bitcoin, Ethereum is also cooling down. The upward momentum is fading fast and sellers appear to be regaining confidence. Even if there is general belief among holders that prices will recover, there should be signs. So far, ETH has shown strong resistance at the $3,300 level. To regain this level, yesterday's losses must be completely undone.
So far, Ethereum has been stable, even flat. The contraction on May 6th means that ETH has fallen about 4% in the past 24 hours and 3% in the previous day. Still, ETH is in the green due to its rally since late last week and is up about 10% from its May lows. At spot prices, participation is decent. Average trading volume was around $13 billion, up 51% over the previous day.
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The following Ethereum news events are worth noting.
- The Ethereum Foundation and ETH are reportedly under surveillance by the US SEC. Now, regulators are said to be convinced the second most valuable coin is a security, and ConsenSys is hitting back. In a recent interview, Joe Rubin, whose firm specializes in Ethereum, believes the agency is engaging in “gaslighting” to make crypto users think ETH is a security.
- The Ethereum network is active despite the price being under pressure and falling from all-time highs. Records show that more than 267,000 new wallets were created. This means users are eager to interact with the platform's protocols, including his DeFi dapps and layer 2 solutions like Base and Arbitrum deployed on the mainnet.
Ethereum price analysis
ETH/USD Looking at recent price trends, they are stable but overall bearish.
Rather, the reversal from yesterday resulted in further lows, suggesting weakness.
Technically, resistance lies at the $3,300 level. Bulls will have to convincingly break this, such as with higher volume, to define an uptrend. In such a case, ETH would easily rise to $3,700, another important liquidation line.
Conversely, if sellers hold on, Ethereum will receive support at the $2,800 level. This is an important support level, and if it is broken, there will be a wave of sellers starting in mid-April 2024, which could push ETH down to $2,600.
