Ethereum mirrored Bitcoin’s performance yesterday and contracted. Still, optimism remains high. Looking at the candlestick placement, it would be ideal if the ETH price could break above $3,300 before the bulls consider taking long positions. As things stand, sellers are still in control, especially in the absence of confirmation of the May 15th bar. The mid-April bearish breakout pattern is still influencing price trends.
Ethereum is mostly stable and bearish on May 15th due to general inactivity and price pullback. If the price can rise above $3,300, ETH should close above $3,000. If the coin drops today, participants will also shrink from the $14 billion registered in the past 24 hours.
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The following Ethereum news events are worth noting.
- ETH's failure to expand on May 16th means that ETH still needs to outperform Bitcoin. At spot rates, ETH has fallen to a 2024 low against BTC. There may be a chance if the US SEC clarifies its position on ETH favorably. For now, the downward trend is expected to continue.
- One analyst currently believes that all Layer 2 Bitcoin and Ethereum operators are money service businesses (MSBs). This makes it a likely target for regulators, especially in the United States. If the US SEC takes action, it could be a further blow to Ethereum.
Ethereum price analysis
ETH/USD It sells for about $3,000.
At current levels, mid-April 2024 sellers are still in control. This outlook will change if the Ethereum bull market pushes the price above $3,300 on increased volume. In that case, ETH could skyrocket to a 2024 high of around $4,100.
Conversely, if the May 15 rally were to disappear today, it would be even more depressing for ETH bulls.
In that case, the reaction at $2,800 will be key in determining where the price goes next.
A clean breakout could provide an entry for sellers to consider short selling targeting $2,600 and $2,200.
