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Ethereum Breaks $3,000, Again: Will The SEC Surprise The World?

Ethereum is back to green territory, cracking $3,000 for the first time in roughly five days. The revival among bulls comes at the back of rising Bitcoin prices. If ETH extends yesterday’s gains, building on the momentum at the current pace, the odds of the coin easing past $3,300 will be elevated. Technically, price action favors buyers, and traders are rejuvenated, expecting even more gains.

Looking at coin trackers, Ethereum added 4% on the last day alone. Because of the spike, ETH sellers were nullified as the coin printed green in the past week, adding 2%. However, what’s notable is that the average trading volume remains low, averaging just $15 billion in the past day. Ordinarily, and reading from engagement in March, participation stood at over $30 billion.

Ethereum Daily Chart for May 16

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The following Ethereum news events are worth monitoring:

  • The United States Justice Department has charged two brothers from New York for committing, among others, wire fraud and conspiracy to commit money laundering. This indictment comes after they stole $25 million of ETH in 12 seconds.  
  • ARK 21Shares applicants have made amends to their spot Ethereum ETF filing. The updated filing excludes staking. As expected, the decision to exclude staking raised eyebrows. However, these amends could increase the chances of their filing being approved by the strict United States SEC, surprising everyone.

Ethereum Price Analysis

ETH/USD is back above $3,000; an encouraging development.

The Ethereum candlestick in the daily chart shows a double-bar bullish reversal pattern, signaling strength.

At the same time, since the expansion from around the $2,800 zone is with rising participation, momentum could spill over to today.

So far, the series of higher highs relative to the lower BB suggests that buyers are positioning for more gains.

Accordingly, traders might align their positions with the emerging trend, targeting $3,300 in the short term.

Any unexpected dump below $2,800 cancels this outlook, allowing sellers to take charge.

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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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