Ethereum, one of the leading altcoins in the cryptocurrency market, is currently grappling with bearish sentiments as it faces delays in the approval of an Ethereum ETF by the U.S. Securities and Exchange Commission (SEC). This delay has intensified the downward trend, resulting in weak buying and selling pressures.
Although Ethereum has seen a slight 2% increase in price over the past week, it has experienced a drop of 9% in the last 30 days. However, the Year-to-Date (YTD) returns for Ethereum remain positive at +35.86%, indicating a bullish sentiment in the long term.
The price action of Ethereum has been relatively weak, with the formation of a symmetric triangle pattern observed on the 4-hour trading chart, suggesting a consolidation phase. Technical analysis from TradingView suggests a bearish sentiment this week, as indicated by the Cross EMA 50/200-day indicators. However, the Moving Average Convergence Divergence (MACD) shows a decrease in the red histogram, which implies increased buying pressure. The overall trend, however, remains neutral, indicating uncertainty in Ethereum’s price direction.
Looking ahead, if Ethereum can maintain its position above the support level of $3,022, there is potential for the bulls to push the price towards the upper resistance of the symmetric triangle. Breaking this pattern may lead to an upward move towards $3,203.50. On the other hand, if bearish pressures persist and the price falls below the $3,022 support level, Ethereum may face further decline to the critical support level of $2,864. In such a scenario, a significant rebound effort from the bulls would be required to prevent deeper losses, highlighting the importance of current market levels in determining Ethereum’s short-term financial health.