The Ethereum price has slipped 1% today, with the ETH/USD exchanging hands at $2,620 at press time. Its 24-hour trading volume has notably plummeted 2% to $15 billion, suggesting dwindling market activity. ETH is now up 13% in a week despite a fall of 4% in a month. However, it boasts a 66% increase over the past year.
The slight plunge follows the U.S. Securities and Exchange Commission (SEC) holding its decision on a planned rule change by Nasdaq’s International Securities Exchange (ISE). The SEC’s decision would’ve enabled the listing and trading of options via BlackRock’s iShares Ethereum Trust (ETHA). The SEC was widely anticipated to make its decision this week; however, that decision has now been delayed to November 10.
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The Commission has noted that “We find it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change.”
The #SEC has established new deadlines for its decision on ETH ETF options: 10/11/24 and 11/11/24 for Nasdaq ISE and NYSE American LLC respectivelyhttps://t.co/SzMMc0hwrg
— Blockhead (@blockhead_co) September 25, 2024
This leaves investors and traders with the big question; Will the SEC’s final decision inject new liquidity or stall further?
Ethereum Statistical Data
Based on CoinmarketCap data:
- ETH price now – $2,620
- Trading volume (24h) – $15 billion
- Market cap – $316 billion
- Total supply – 120 million
- Circulating supply – 120 million
- ETH ranking – #2
Will the ETH Bulls Still Show Resilience in the Market?
The Ethereum price shows resilience within a rising channel as the bulls hurtle towards the $3,000 mark. The bullish outlook in the crypto market and the bull’s aim to break above the narrow-ranging channel with support at $2,520 and resistance at $3,155 promises a more significant breakout. Traders and investors have shifted their attention to ETH as crypto prices wobble. Despite a slight plunge in trading volume of 2% to $15 billion, all hope is not lost as bulls are gaining momentum.
Meanwhile, the Ethereum price holds above one of the crucial bull market indicators, the 50-day Simple Moving Average (EMA), after climbing from a low of $2,191 mark. However, to be safe, bulls must uphold higher support at $3,155 to encourage already sidelined investors to join the uptrend without worrying about sudden corrections. Meanwhile, if the bulls manage to hurtle above the 2,840 mark, the bears will be left with nothing but dust.
Notably, the Relative Strength Index (RSI) upholds a bullish picture, as it sits above the 50-mean level, currently at 58. Moreover, there is more room for the upside before ETH is considered overbought. If buyers add to their positions at this level, the RSI could jump to the 70-overbought zone, reinforcing the bullish picture.
A buy signal from the Moving Average Convergence Divergence (MACD) reinforces the bullish outlook. The MACD indicator reveals that bulls currently have the upper hand. As observed from the four-hour chart, the blue MACD line holds above the signal line in orange as the momentum indicator sits in positive territory. The green histograms are also growing bigger, suggesting rapid buying pressure, hence the bullish outlook for ETH.
Ethereum Price Prediction
As per the daily chart timeframe above, the bulls control the market. If the buyers capitalize on the MACD and RSI, which calls for traders to rally behind ETH, the Ethereum price could soar. If the $2,520 support holds, it will allow bulls to build momentum as more traders buy into ETH, thus creating a suitable environment for a breakout. In such a case, a break above the $2,840 resistance will see the bulls resume a meaningful uptrend that will see the Ethereum price reach the $3,000 mark in the short term.
On the flip side, if the bears capitalize on the 200-day SMA, which portrays some bearish prospects, the ETH price could drop. However, immediate support would be anticipated at $2,520. Furthermore, investors should start acclimatizing to a more extended correction if declines intensify and overwhelm the bulls.
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