Ethereum Daily RSI stands at 71, indicating an overbought condition
Summary
Ethereum, the second-largest cryptocurrency, has experienced price volatility and remained under bearish control. However, it saw a potential recovery as ETH surged by 3% in the past 24 hours. The SEC has delayed its decision on several Ethereum ETFs until May 2024, seeking further public input. Analysts predict a bearish trend, but there is hope for a bullish market during the holiday season.
Introduction
Ethereum, the second-largest cryptocurrency, has experienced high price volatility and remained under bearish control for over three days. However, today marks a potential recovery as ETH surged by 3% in the past 24 hours, paralleling the global market cap’s 4% surge within the same timeframe. ETH hit a two-week low of $2119 yesterday and is currently trading at $2,236.
Main Points
In the past week, Ethereum saw a modest surge of 0.71%, but significant whale activity influenced the bearish trend. Analysts predict that bears might dominate in the upcoming days due to liquidation and technical chart indicators. However, there’s hope that the holiday season could potentially favor the bulls and rewrite this narrative, offering some Christmas gifts to the bullish market.
In the domain of Ethereum ETFs, the Securities and Exchange Commission (SEC) is delaying its decision on several exchange-traded funds (ETFs) until May 2024. The SEC cited the need for further public input on whether these ETFs should be listed. The agency postponed its decision on the Hashdex Nasdaq Ethereum ETF, Grayscale Ethereum Futures ETF, VanEck spot Ethereum ETF, and the spot Ethereum ETF proposed by Cathie Wood’s ARK Invest and 21Shares.
An analysis of recent movements suggests a potentially precarious bullish trajectory for ETH. The daily relative strength index (RSI) stands at 71, indicating an overbought condition. If the price surpasses $2244, it may ascend further to test the $2282 resistance area. However, if the price drops below the $2080 support level, it may decline further to test the $2043 level.
Conclusion
Ethereum has shown signs of potential recovery after a period of bearish control. While analysts predict a bearish trend, there is hope that the holiday season could favor the bulls and bring positive market movements. Furthermore, the SEC’s decision to delay Ethereum ETFs until May 2024 indicates the need for additional public input. Overall, the future of Ethereum remains uncertain, but stakeholders are closely watching for any developments that could impact its price and market performance.