Ethereum
Ethereum Creates Over 267,000 New Wallets: ETH Ready to Break $3,300?
Ethereum, like Bitcoin, is cooling down. The bullish momentum is quickly running out of steam and the sellers seem to be reasserting themselves. Even though holders are generally confident that prices will recover, there must be signs. So far, ETH is showing strong resistance at the $3,300 level. For this level to be regained, yesterday’s losses must be completely reversed.
So far, Ethereum is stable, even flat. The May 6 contraction means ETH is down about 4% in the past 24 hours and 3% the day before. Even so, ETH is in green due to gains late last week, adding around 10% from the May low. At spot rates, participation is decent. Average trading volume stands at around $13 billion, up 51% over the past day.
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The following Ethereum news events are worth watching:
- The Ethereum Foundation and ETH would be under the supervision of the United States. SECONDthe microscope. Now that the regulator says it is convinced that the second most valuable coin is a security, ConsenSys is fighting back. In a recent interview, the Ethereum-focused company’s Joe Lubin believes the agency is “tricking” crypto users into thinking ETH is a security.
- The Ethereum network is active even with prices under pressure, falling from all-time highs. According to records, more than 267,000 new wallets have been created. This means users want to interact with platform protocols, including DeFi dapps deployed on the mainnet or layer 2 solutions like Base or Arbitrum.
Ethereum Price Analysis
ETH/USD is stable but generally bearish, given recent price action.
Rather, yesterday’s reversal marked another lower high, hinting at weakness.
Technically, resistance lies at the $3,300 level. Bulls need to break this convincingly, for example with expanding volumes, to set the uptrend. In such a case, ETH will easily float up to $3,700, another key liquidation line.
Conversely, if sellers continue, Ethereum will see support at the $2,800 level. This is a crucial support level that, if broken, could see ETH fall to $2,600 in seller continuity from mid-April 2024.