Ethereum Price Analysis and News Events Impacting Price Action
The price of Ethereum remains firm at press time, but is currently trending within a narrow range defined by the April 13 bear candlestick. Despite flashes of strength, buyers have yet to take over, and the coin remains under pressure from a technical perspective.
In the past day, Ethereum has seen a stable increase of 4%, but is down 13% in the previous week. This indicates that while there is optimism and expectations of price gains, bears still have the energy to absorb demand.
Several Ethereum news events may impact price action in the coming days. Rumors of Gary Gensler‘s resignation as the United States SEC chair could potentially lead to the approval of a spot ETF for Ethereum. However, only an official confirmation of Gensler’s resignation will drive prices. Additionally, the United States SEC is investigating the Ethereum Foundation, raising concerns that ETH could be declared a security.
In terms of price analysis, ETH/USD remains within a bearish formation on the daily chart. Unless there are significant gains above the April 13 range, the path of least resistance is downwards. Sellers may look for opportunities to short Ethereum if the price remains below $3,300, targeting $2,600. A drop below $2,800 could accelerate the sell-off towards crucial support levels at $2,600 and $2,000.
Overall, Ethereum is facing a challenging period as it navigates through technical pressures and regulatory scrutiny. Traders and investors will be closely monitoring these developments to gauge the future direction of the coin’s price.
