Ethereum
Will ETH Price Remain Consolidated Despite EthereumETF Approval Delay?
Despite increased price volatility in the cryptocurrency sector, altcoin leader Ethereum price continues to exhibit bearish price sentiment following the delay in SEC approval of the EthereumETF. This resulted in low buying and selling pressure for this altcoin in the crypto market.
Furthermore, the ETH Price rose 2% over the past seven days, but a correction of around 9% over the past 30 days. Additionally, the Ethereum token’s cumulative yield (YTD) stands at +35.86%, indicating a long-term bullish sentiment for the ETH token in the industry.
The ETH token forms a symmetrical triangular pattern:
The second largest cryptocurrency by market capitalization, the Ethereum token continues to show weak price action, indicating growing investor disinterest in it. Additionally, ETH price formed a symmetrical triangle over the 4-hour time frame and continues to trade inside it.
TradingView: ETH/USDT
In contrast, the 50/200-day Cross EMA shows bearish sentiment, indicating a negative outlook for the altcoin leader, the Ethereum tokenthis week.
The Moving Average Convergence Divergence (MACD) is showing a steady decline in the red histogram, highlighting increased buying pressure in the crypto space. Additionally, the average shows a neutral trend, indicating uncertainty about future price developments.
Will the price of Ethereum increase?
If the market sustains the price above the $3,022 support level, the bulls will regain momentum to test the symmetrical triangle resistance trendline. Moreover, if the bulls continue to dominate the market, the market will continue its upward trend and prepare to test its high of $3,203.50 in the coming times.
Negatively, if the bears overpower the bulls, the price would lose momentum and test its support level of $3,022. Moreover, if the bulls fail to regain power at this level, they will plunge this month towards its crucial support level of $2,864.