As shown on the daily chart, Ethereum is falling rapidly. The coin has shaved over $200 in less than three business days, which is disappointing and could further slow its upward momentum. The recent decline has been primarily driven by fundamental factors, mainly due to dashed expectations and the series of events surrounding the Spot Ethereum ETF. Nevertheless, technical candlestick arrangements support buyers from the top-down preview.
Currently, Ethereum price is stuck within a narrow range, declining but within consolidation. With a clear upper limit, ETH was stable the previous day, but rose 2% last week. At the same time, participation will be muted. Quantitatively speaking, the average trading volume for the previous day was $11 billion, which is much lower than the March average. The rally is subject to sustained bearish pressure, forcing traders to retreat and stay on the sidelines.
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The following Ethereum news is worth noting.
- Grayscale has withdrawn its application for a Spot Ethereum ETF with the US SEC. The decision comes at a time when the regulator was due to issue a ruling on May 30, and the application was filed in September 2023. If approved, the product would be traded on the New York Stock Exchange.
- In a recent post, the Ethereum co-founder introduced EIP-7702, an enhanced and improved version of another proposal, EIP-3074. The latter was being considered for inclusion in the Pectra upgrade. Vitalik said this replacement will allow for a better way to abstract gas fees and batch transactions, improving the user experience.
Ethereum price analysis
ETH/USD Even though networks are improving, they can't withstand the pressure.
As of May 9, ETH is down about 30% from its March 2023 high.
With the price inching below $3,000, sellers may be looking for an opportunity to ride the bearish trend. Technically, sellers remain in control and remain within the bearish breakout formation initiated on April 12th and 13th.
As currently set up, every high price below $3,300 provides sellers with an entry with a target of $2,800. Once this level is broken, ETH will plummet to $2,600 and $2,200.
This prediction will be invalidated if the ETH bull market rises above $3,300.
