- Ethereum faces bearish market pressures following delays in the SEC’s approval of an Ethereum ETF, impacting trading activity.
- Despite a slight 2% rise over the past week, ETH experienced a price drop over the last 30 days.
- Ethereum is caught in a symmetric triangle pattern on the 4H chart.
As the cryptocurrency market experiences heightened volatility, Ethereum, a leading altcoin, continues to wrestle with bearish sentiments. The delay in the U.S. Securities and Exchange Commission’s (SEC) approval of the much-anticipated Ethereum ETF has exacerbated this downtrend, contributing to weak buying and selling pressures in the market.
Ethereum’s Price Performance and Market Outlook
Over the past week, ETH has managed a modest increase of 2%, yet it faces a 9% correction over the past 30 days. Despite these fluctuations, the Year-to-Date (YTD) returns for Ethereum stand at an encouraging +35.86%, indicating that long-term sentiment remains bullish within the industry.
Ethereum’s price action has not been strong, as indicated by its formation of a symmetric triangle pattern within the 4-hour trading timeframe, suggesting a consolidation phase. Technical analysis from TradingView points towards a bearish sentiment this week, as reflected by the Cross EMA 50/200-day indicators.
Conversely, the Moving Average Convergence Divergence (MACD) shows a decrease in the red histogram, which typically signals increased buying pressure. However, the averages exhibit a neutral trend, pointing to ongoing uncertainty in Ethereum’s price direction.
Potential Scenarios for ETH’s Price Trajectory
Looking ahead, if ETH can maintain its position above the support level of $3,022, there could be potential for the bulls to push the price towards the upper resistance of the symmetric triangle. Success in breaking this pattern may set Ethereum up for an upward move toward $3,203.50.
On the downside, if bearish pressures prevail and the price falls below the $3,022 support level, ETH may face a further drop to the critical support level of $2,864.
This scenario would necessitate a significant rebound effort from the bulls to prevent deeper losses, emphasizing the pivotal nature of current market levels in determining Ethereum’s short-term financial health.
