Ethereum Endorsed By CFTC, Millions Staked: Will ETH Break $3,300?
Ethereum has been endorsed by the United States CFTC as a commodity, similar to Bitcoin. ETH traders are now targeting $3,300
Ethereum is firm at press time, looking at the performance in the daily chart. Even though the uptrend is shaky, that buyers did reclaim $3,000 yesterday is crucial. Nonetheless, there is weakness across the board now that prices remain below $3,300, an important resistance level. Thus far, traders are closely monitoring fundamental factors as a trigger. If ETH floats above $3,300 before the spot ETF hits the market, the probability of the coin stretching gains beyond $3,700 will be highly likely.
At press time, Ethereum is stable on the last day but down 2% in the previous trading week. Meanwhile, trading volume remains within range, shrinking to around $13 billion in the past day. From the look of things, traders are cautiously optimistic, aware of sharp volatility on the day when spot ETFs hit the market.
Traders are watching the following Ethereum news today:
- The United States Commodity Futures Trading Commission (CFTC) chair recently admitted that between 70 to 80% of all cryptocurrencies are not unregistered securities. He also told the senate committee that Bitcoin and Ethereum are commodities, referencing a summary judgment by a judge in Illinois.
- Even as Ethereum prices consolidate, more continue to stake. Trackers now show that a record 47.36 million ETH are locked in the official Beacon Chain deposit contract.
Ethereum Price Analysis
ETH/USD is soaking in selling pressure and outperforming Bitcoin.
From the daily chart, ETH is printing higher highs, reclaiming $3,300.
Nonetheless, buyers’ failure to pierce through $3,200 and $3,300 swings price action in favor of sellers. Note that prices are also inside the July 4 and 5 bear ranges, pointing to weakness.
Aggressive traders might choose to align with the dominant trend. However, in light of fundamental factors, conservative traders can adopt a wait-and-see approach.
Any surge above $3,300 will invalidate the bearish preview, allowing ETH to push toward $3,700.
Conversely, any dump below $2,800 opens the coin to $2,500.
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