Ethereum (ETH) price continues trading moderately, with prices fluctuating around $2,200, as reported by CryptoNews. The cryptocurrency’s market capitalization currently stands at $270 billion
Ethereum Price Movements
The hourly chart for Ethereum (ETH) shows a volatile market, with prices ranging between $2,246 and $2,284. This volatility presents opportunities for short-term or day traders, allowing them to enter at support levels and exit below to minimize risks.
On the four-hour chart, Ethereum bounces back from its low at $2,169, attempting to stabilize around $2,300. The pattern, marked by alternating ups and downs, hints at an overall downward trend but also suggests the possibility of stabilization.
ETH’s daily high dropped from around $2,719 to $2,034. This decline indicates a bearish market, mainly influenced by sellers. Traders already in the market may consider recent lows as indicators for placing stop-loss orders, while potential buyers should wait for signs of a reversal before making any commitments.
As per TradingView’s Ethereum chart, oscillators such as the relative strength index (RSI) and Stochastic suggest a neutral position, signifying a lack of clear directional momentum. The commodity channel index (CCI) and the average directional index (ADI) also support this neutral outlook. However, the momentum and moving average convergence/divergence (MACD) indicators indicate bearish tendencies, implying possible downward pressure on ETH’s price.
In the context of moving averages (MAs), the sentiment leans mostly bearish. The 10, 20, 30 and 50-period exponential (EMAs) and simple moving averages (SMAs) all support this view. However, the 100 and 200-period averages indicate positive momentum, suggesting the possibility of long-term growth.
The extended wick on ETH’s candlestick for January 28 indicates that bears are selling close to the moving averages.
The 20-day EMA ($2,340) is declining, and the RSI is in the negative zone, suggesting a slight advantage for the bears. Sellers aim to bring the price down to $2,168 and then to the strong support at $2,100. A robust bounce from this level might keep the ETH/USDT pair within the $2,100 to $2,400 range.
A signal of strength would be a break and close above the moving averages. This could lead the Ethereum price to rise to $2,400, a crucial resistance level. If surpassed, the pair might advance to $2,600.
🌟A QUARTER of all #Ethereum is now STAKED!
That’s not just a number – it’s a MASSIVE vote of confidence in the long-term potential of #ETH! 🚀
Why’s it bullish?
— Leon Waidmann | On-Chain Insights🔍 (@LeonWaidmann) January 29, 2024
SEC delays decision on Blackrock ETH ETF filling
On January 24, the U.S. Securities and Exchange Commission (SEC) announced a delay in its decision on BlackRock’s proposed Ethereum ETF, citing the need for additional time to review the proposed rule change.
The final decision on BlackRock’s Ethereum ETF is expected by August 7, 2023, but Bloomberg’s ETF analyst Eric Balchunas predicts that decisions on all pending Ethereum ETFs will be made on May 2024, similar to how the SEC handled pending Bitcoin ETFs in January.
The SEC postponed its decision on Grayscale Investments’ Ethereum ETF the day after BlackRock’s delay.
The SEC is now seeking public comments on the application and will decide whether to approve or disapprove a rule change for NYSE Arca to list and trade Grayscale Ethereum Trust shares. The decision deadline will be extended by an extra 35 days after the public comment period is published in the Federal Register.
Despite its mass Bitcoin ETF approval earlier this month, the SEC maintains its hostile stance toward crypto assets. Its Bitcoin ETF approval announcement came with a disclaimer, advising investors against putting their trust in the asset class due to its volatility.
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