Ethereum is teetering at the $3,000 zone, looking at price action in the daily chart. Like Bitcoin, ETH is under immense selling pressure. Though prices are within a bear breakout formation, the coin is within the conspicuous bear bar of last week. The sideways movement, clear in lower time frames, might allow aggressive sellers to accumulate. This preview is valid as long as prices are below the $3,300 local resistance.
As it is, bears are in control. On the previous trading day, the coin is down 3% and 18% in the past week of trading. Even though traders are confident, dropping participation levels should be a concern. At spot rates, the average trading volume in the past 24 hours is $18 billion, up 11%. This contraction can be used as a gauge for sentiment. As prices fall, more users will likely stay away. Any uptick with crashing ETH prices suggests seller engagement.
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In the coming day, the following Ethereum news events will likely impact prices:
- Layer-2 platforms are crucial for Ethereum. Though popular, most of these solutions are technically centralized. However, in a major step towards decentralization, Arbitrum released its permissionless fraud-proof system, BOLD, for public Testnet.
- A stablecoin draft bill has been submitted in the United States. Analysts say the bill, if adopted, will create channels that will significantly boost Ethereum. In all, the bill legitimizes stablecoins in public ledgers. Since most of these stablecoins are launched on Ethereum, it represents a big win for the network.
Ethereum Price Analysis
Though the coin is moving lower, prices are inside the April 13 bear bar. Technically, this is bearish from an effort-versus-result perspective.
There is a chance that the April 13 bear bar is climactic, marking the end of the bear run. For this preview to be valid, prices must break above $3,300 with rising volumes.
Conversely, as long as prices are trending lower, a breakout below $2,800 will compound the misery for HODLers. If this is the case, ETH could drop to as low as $2,600 and $2,000.
