Ethereum, like Bitcoin and other top altcoins, remains in a trading range and is technically bearish. From the daily chart, the coin is changing hands and moving sideways just above $3,100. Although the bulls are holding steady, they have not been able to recover from the April 13 drop, so sellers still have the upper hand. Of note, further losses are possible if the coin remains within a bearish breakout formation and the bulls fail to intervene. So far, $3,000 and $2,800 are important reaction levels to monitor. On the other hand, momentum could change if buyers break through $3,700.
Over the past day and week, ETH price has been flat when looking at the daily chart and tracker price action. The coin has fallen 2% in the past week, according to data from CoinMarketCap. Meanwhile, trading volume for the past trading day has remained stable at $10 billion. If not, sellers will be responsible for the next few days unless there is a sudden spike in participants and prices rise as a result.
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The following news developments regarding Ethereum dominated the headlines today.
- While Bitcoin halved miner rewards, Ethereum integrated write mechanisms following the implementation of EIP-1559. Now, based on predictions and current burn rates, ETH will become a deflationary asset. Analysts predict that supply will fall below 1% within about a year.
- One week after approval, Spot Ethereum ETF will be launched on the Hong Kong market. These derivative products provide a legal way for financial institutions to gain exposure and inject more liquidity into the market. This is a huge improvement for bulls.
Ethereum price analysis
ETH/USD Even if the fundamentals are strong, it is still in a bearish formation.
Looking at the candlestick placement on the daily chart, ETH has resistance at $3,700. Meanwhile, the support price is around $2,800.
Even if we are confident, we need a breakout above $3,300 to encourage the bulls to join.
If not, a fall below $2,800 would trigger further losses and confirm the current sideways movement as a distribution.
If sellers take over, Ethereum could plummet to $2,600.
