Ethereum
Ethereum Falls 30% From March Highs, ETH Loses $200 in 2 Days
Ethereum is falling rapidly, as seen in the daily chart. The coin has lost over $200 in less than three trading days, which is discouraging and could slow the bullish momentum even further. The recent sell-off is mainly due to fundamental factors, mainly due to dashed hopes and the series of events surrounding Ethereum spot ETFs. Nonetheless, technical candlestick arrangements support buyers from a top-down view.
Currently, Ethereum prices remain in a narrow range, moving lower but in a consolidation. Since the caps are clear, ETH is stable compared to the day before but up 2% last week. At the same time, participation is silenced. To quantify, the average trading volume from the previous day is $11 billion, well below the March averages. This sentiment is affected by sustained downward pressure, forcing traders to exit and wait on the sidelines.
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The following Ethereum news is worth watching:
- Shades of grey has withdrawn its Ethereum spot ETF application from the US SEC. The decision was made when the regulator was due to make its decision on May 30. Their application was submitted in September 2023. If approved, the product would have been traded on the NYSE.
- In a recent article, the Ethereum co-founder presented EIP-7702, an improved enhancement of another proposal, EIP-3074. The latter was considered for inclusion in the Pectra upgrade. This replacement, Vitalik said, would, among other things, improve the user experience by enabling better ways to extract gas fees and consolidate transactions.
Ethereum Price Analysis
ETH/USD Gives in under pressure even if the network improves.
As of May 9, ETH was down approximately 30% from March 2023 highs.
With prices below $3,000, sellers could be looking for opportunities to ride the downtrend. Technically, sellers remain in control and in a bearish breakout formation triggered on April 12-13.
In the current setup, each high below $3,300 provides sellers with entries to target $2,800. Anything above this level will cause ETH to fall to $2,600 and $2,200.
The forecast will be canceled if ETH bulls exceed $3,300.