Ethereum struggles to find a bottom, faces an uphill task

Ethereum’s price maintained its move below the $3,800 mark on Saturday morning, The $3,605 support level is the next level to be cautious of in the event of a further decline.
Looking more closely at the price study, Ethereum has a significant demand zone between $3,700 and $3,850, where around 1.81 million addresses purchased over 1.66 million ETH, taking into account the Input-Output Model and Profitability statistics.

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As selling pressure builds, this range can offer support. The next crucial zone of support is between $3,580 and $3,462, where 3.13 million addresses bought more than 1.50 million ETH, in case this zone fails to hold.

The precise effect on price action is yet unknown as the market gets closer to the debut and start of trading for all eight spot Ethereum ETF applications by the biggest asset managers in the world.
The digital financial space is anxiously expecting the official launch and final approval of S-1 applications before acting, as prices have not yet responded to the approval of the 19b-4 spot ETH ETF filings.

The US Securities and Exchange Commission (SEC) recently approved the Ethereum ETF applications, which has sparked speculation about the next price movements for the market’s second-largest cryptocurrency as the trading launch date draws near.

Nevertheless, there are concerns surrounding large transfers of Ethereum (ETH) to cryptocurrency exchanges, stemming from worries about profit-taking, portfolio rebalancing, and potential market speculation.

Despite the approval of ETFs, they have not yet been given the green light for launch, as this requires a cleared S-1 filing which includes detailed information about the firm’s financials, risk profile, and the securities it plans to offer. VanEck has resubmitted its S-1 filing to the SEC, with experts forecasting that approvals could take weeks to months.

Persistent worries also exist around the possibility of large withdrawals following Grayscale’s disclosure of intentions to transform its Grayscale Ethereum Trust (ETHE) into a spot Ether ETF, akin to what happened to Grayscale Bitcoin Trust (GBTC) after spot Bitcoin ETFs were adopted in January.
Over the past week, the price of Ethereum has increased by 21.82%; in the past month, it has increased by 20.14%; and over the past year, it has increased by 108.63%.

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Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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