Ethereum is under pressure, following the likes of Bitcoin and the broader altcoin market. The coin is down from crucial support levels, looking at the formation in the daily chart. Following recent losses, ETH is trading in a bearish formation below the dynamic support level.

So far, Ethereum is down 5% in the past 24 hours and 8% in the previous week. Technically, the drop has swung price action in favor of sellers. With recent losses, the coin’s trading volume is up 56% in the previous trading day. However, because of losses, its market cap is down 5% to over $404 billion. Volume is up likely because of traders possible exiting their longs, or short sellers doubling down.

The following Ethereum news events might influence price action:

• Eyes are still on the United States SEC and whether they will approve a spot Ethereum ETF in May. Chiming in, the CIO of Bitwise thinks a delay will be overly optimistic for the platform’s ecosystem. If the regulator postpones their ruling on the product, traders have to wait until December.
• After Dencun, Vitalik Buterin, the co-founder of Ethereum, laid out the protocol’s next step. The developer detailed plans for the Purge, which would introduce history expiration through another proposal, EIP-4444.

Ethereum Price Analysis

ETH/USD bulls might be confident, but at press time, the path of least resistance is southwards.

For optimistic traders, they can find entries on any attempts higher but below $3,450.

Resistance lies at around last week’s highs at around $3,700.

Even though Ethereum buyers are upbeat, bulls didn’t find enough momentum to thrust the coin above this key liquidation level.

Any breakout above $3,700 reversing current losses might see ETH float to $4,000 in a buy trend continuation formation.

However, if sellers extend their rout, ETH might slip to as low as $3,200 in the sessions ahead.