Ethereum (ETH) Price Analysis $ETHFI
The SEC has approved Ethereum ETFs, meaning these funds could start trading as early as this week.
The approval is also expected to have a significant impact on the price of Ethereum, with some expecting it to break through $4,000, a level not seen since March.
Currently, Ethereum remains on target to break through $3,500, which is proving to be a stubborn resistance level. Ethereum broke through the 50-day moving average after rising 2.35% on Friday to $3,507. Ethereum saw only a small rise on Saturday as sellers defended this level.
While Ethereum also managed to post a small rise on Sunday, it faced significant selling pressure. As a result, Ethereum fell to an intraday low of $3,413 before demand at lower levels allowed buyers to push the price back above $3,500 to $3,537.
However, Bitcoin fell into the red again on Monday as sellers pushed the price down 2.67% to $3,443.
Bitcoin is slightly down in the current session as sellers have fought off another push towards $3,500. Bitcoin’s momentum towards $3,500 ultimately failed mainly due to a lack of demand at high levels. Sellers are now trying to push Bitcoin below the 50-day MA.
If they succeed, Bitcoin could drop all the way to the 20-day MA. Bulls must defend this level at all costs as a break below it could result in a drop to $3,000. Buyers must ensure Bitcoin holds the 50-day MA and pushes above $3,500. If you are still on the sidelines and cannot see the market trend clearly, you will only fall due to bullishness and rise due to bearishness, free ➕👗 ➕🌍 BTC7732
If the buyer succeeds, Bitcoin may move towards $3,700 and then $4,000
