.png){kind=logo}
As the cryptocurrency market navigates through a complex landscape of regulatory developments and fluctuating investor sentiments, Ethereum (ETH) has shown a modest decline over the past 24 hours, with its price now at $3,366.97. The trading volume during this period was $6,717,790,199, suggesting active but not exceedingly high trading activity.
Ethereum’s price action is following the broader market trend of consolidation with short term volatility and uncertainty for traders. The SMA’s crossing each other means no clear direction in the market, it’s a tug of war between bulls and bears.
RSI is at 34.79, right in the middle of overbought and oversold. That means the market is consolidating and neither buyers nor sellers have the upper hand.
One of the biggest factor affecting Ethereum’s market is the delayed launch of Spot Ethereum ETFs by the US SEC. Originally scheduled for early July, the SEC has pushed back the approval process and is asking for more amendments to the S-1 forms and now is expecting the launch to be mid to late July. This delay has created a lot of FUD (Fear, Uncertainty, and Doubt) in the market.
But according to Nate Geraci, President of ETFstore, the amendments are minor and trading could start in 2-3 weeks after resubmission. A successful launch of these ETFs could be a big catalyst for Ethereum’s price.
Investors should keep an eye on the ETFs. A positive decision from the SEC could pump up Ethereum’s price by making it more accessible and legitimate for institutional investors. A further delay or negative outcome could prolong the consolidation or even drop the price due to loss of investor confidence.
Technically Ethereum is at a pivot point as it’s testing the support around $3,350. A break below this could lead to a drop and $3,200 is the next support. If Ethereum holds or breaks above $3,400 it could be the start of a bullish trend if backed by good regulatory news.
The broader crypto market is recovering from a big bearish phase, Bitcoin (BTC), Ethereum and Dogecoin (DOGE) are all up.
Whales are buying. IntoTheBlock shows a 154% increase in transaction volume and the number of transactions over $100,000 has more than doubled from 4,580 to 9,000 in one day.
