Ethereum is posting discouraging lower lows at spot rates. As the upside momentum fizzles and sellers of mid-April press on, the path of least resistance increasingly appears southward. Nonetheless, confidence among traders is high. The immediate support—a region closely monitored by traders—is $2,800. If bulls give up at this line, caving in to the deluge of selling pressure, it could usher in a new regime for ETH, possibly pushing the coin deeper into red.

At press time, Ethereum is stable on the last day and up 4% in the previous week. With ETH prices dropping, trading volume over the last 24 hours is also low, shrinking to $11 billion, sliding 14%. As mentioned earlier, the reaction at the $2,800 and $3,800 reaction levels will determine whether participation will shrink or rapidly expand.

The following Ethereum news developments are worth considering:

• Yesterday, the United States SEC pushed their ruling on the Invesco Galaxy spot Ethereum ETF to July. The decision was expected since the regulator has put off similar applications. It is widely believed that the strict Commission will delay their application of this product until there is regulatory clarity on the status of ETH.
• Institutional investors appear to be turning “green” on Ethereum for the first time in roughly two months. After weeks of outflows, CoinShares reported that the coin broke its 7-week spell of outflows, recording $30 million in inflows.

Ethereum Price Analysis

ETH/USD is, like Bitcoin, struggling when writing.

Yesterday, Ethereum prices edged closer to the $3,000 level. Even so, what’s clear is that prices are within a tight trading range.

Overall, ETH is within a bear breakout formation.

As prices stay in a range, the levels at $2,800 and $3,300 are key in determining the short to medium term trajectory.

Risk-averse traders can wait for a clean break above or below this range before committing. Before then, aggressive traders might look for shorting opportunities on every attempt below $3,300, targeting $2,800.