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Ethereum Creates Over 267,000 New Wallets:  ETH Ready To Break $3,300?

Ethereum, like Bitcoin, is cooling off. The upside momentum is quickly fizzling out, and sellers appear to be reasserting themselves. Even with the general confidence among holders that prices will recover, there must be signs. So far, ETH has strong resistance at the $3,300 level. For this level to be reclaimed, yesterday’s losses must be completely reversed. 

So far, Ethereum is steady, even flat. The contraction on May 6 means ETH is down roughly 4% in the past 24 hours and 3% in the previous day. Even so, ETH is in green because of gains from late last week, adding roughly 10% from the May low. At spot rates, participation is decent. The average trading volume is at around $13 billion, up 51% in the last day.

Ethereum daily chart for May 7

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The following Ethereum news events are worth watching:

  • Ethereum Foundation and ETH are reportedly under the United States SEC’s microscope. Now, with the regulator said to be convinced that the second most valuable coin is a security, ConsenSys is fighting back. In a recent interview, Joe Lubin of the Ethereum-focused company thinks the agency is “gaslighting” crypto users into thinking ETH is a security. 
  • The Ethereum network is active even with prices under pressure, slipping from all-time highs. According to records, over 267,000 new wallets have been created. This means that users are keen on interacting with the platform’s protocols, including DeFi dapps deployed on the mainnet or layer-2 solutions like Base or Arbitrum.

Ethereum Price Analysis

ETH/USD is steady but generally bearish, going by recent price action.

If anything, the turn from yesterday marked another lower high, hinting at weakness.

Technically, resistance is at the $3,300 level. Bulls must convincingly break this, such as with expanding volumes, to define the uptrend. In such a case, ETH will easily float to $3,700, another key liquidation line.

Conversely, should sellers press on, Ethereum has support at the $2,800 level. It is a crucial support level that, if broken, might see ETH drop to $2,600 in continuation of sellers from mid-April 2024.

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Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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