Ethereum appears subdued when writing. Even though there are hints of strength, the failure of buyers to cement their position is concerning. The presence of buyers is necessary for prices to pull higher, above the current chop. So far, the uptrend remains from a top-down preview. However, in the short term, sellers are in control.

At press time, Ethereum is down roughly 2% on the previous trading day. The good news is that the coin is up 14% in the last week. There must be a convincing, high-volume close above $3,700 for bulls to take charge. This participation is lacking when writing because trading volume in the last 24 hours is down 20%.

The following Ethereum news event might shape price action in the coming hours:

• While there are talks of the United States SEC classifying ETH as a security, what’s turning out from Kucoin charges is relieving for Ethereum supporters. The CFTC, another key regulator in the country, classifies Ethereum and LTC as commodities.
• Similarly, lawmakers in the United States, including the chairpersons of the House Financial Services Committee and House Committee on Agriculture, want the SEC to provide clear guidance on the status of ETH.

Ethereum Price Analysis

ETH/USD is struggling to ignite demand, looking at the formation in the daily chart.

Confidence among holders isn’t translating into quantifiable price movements.

The coin remains in a bearish formation as long as prices are below the middle BB.

Immediate resistance and trigger line is $3,700. A high volume close above this line might see ETH roar to $4,000.

On the other hand, clear support is at the March 20 lows, around $3,200. Losses below this line might cause Ethereum to collapse to $2,600 or lower.