Ethereum
Ethereum Holds Over $3,000: Why Is Bitcoin So Important to ETH?
Ethereum turned bullish on May 9, much to the relief of the bulls. At spot levels, ETH is trading above $3,000. However, the coin is confined within a narrow trading range. Ideally, yesterday’s gains should have been within a wide range, fueled by increased trading volume. For now, volumes are low and volatility is suppressed. This would change if the bulls extend yesterday’s gains, pushing towards $3,300.
At press time, Ethereum is stable for the last day and week. With prices hovering around the psychological round number of $3,000, this was widely expected. A rebound would provide a respite for buyers, helping to revive stalled liquidity and volatility. As an example, last day’s trading volume remains above $11 billion, reflecting general inactivity across the board.
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Traders should closely monitor the following Ethereum news:
- Joseph Lubin, the co-founder of Ethereum, is convinced of the United States SECOND does not want Ethereum to transform the status quo in banking. The executive said that instead of engaging the industry in meaningful discourse, the SEC is engaging in enforcement actions, stifling innovation in the sector. Their action, he continued, is to cripple the industry and force innovators to relocate.
- An analyst says that the performance of Ethereum in the short to medium term is largely linked to the performance of the world’s most valuable coin, Bitcoin. If BTC soars, it will likely boost ETH and continue to outperform Ethereum.
Ethereum Price Analysis
As it stands, ETH is heavily influenced by fundamental factors, including the position of the regulator in the United States.
From a technical perspective, ETH is range-bound and in a bearish pattern as long as prices remain below $3,300.
$2,800 is an interesting support level. If broken, Ethereum could collapse to new Q2 2024 lows.
A relief for the bulls will be when they convincingly close $3,300 on rising volume. In this case, the selling pressure from mid-April would have been contained. Once printed, bulls will target $3,700.