Ethereum Weak Despite Spot ETF Approval: Will ETH Crash Below $3,000?

Dalmas Ngetich•Thursday, June 27, 2024•2 min read

Ethereum is stable but weak when writing, looking at events in the daily chart. Though there is optimism, sellers are still in a commanding position. As it is, the long lower wicks of June 24 and 26 suggest that there is support at around the $3,200 to $3,300 zone. Still, sellers remain in charge until there is confirmation of June 25 gains and a push higher above $3,500. For now, aggressive traders can look to ride the trend, doubling down on selling positions.

The weakness in the daily chart is evident. In the past day, ETH is down 1% and 6% in the previous week of trading. Although losses weren’t as sharp as early this week, traders are bearish. The average trading volume is down, sliding to $11 billion in the past day. Prices are down but within a broader range, with caps at $3,900 and $2,800 on the lower end. A breakout in either direction could see a spike in trading volume.

Ethereum Daily Chart for June 27

Traders are closely monitoring the following Ethereum news events:

Eyes are on the United States SEC and Gary Gensler. The agency has approved the trading of spot Ethereum ETFs, and these products will be available from July 4.
Amid this, ETH continues to stretch gains versus BTC. Some analysts say the second most valuable coin is a better offer considering the lack of miner liquidation or the effect of hacks.