Investors should keep an eye on the ETFs. A positive decision from the SEC could pump up Ethereum’s price by making it more accessible and legitimate for institutional investors. A further delay or negative outcome could prolong the consolidation or even drop the price due to loss of investor confidence.
Technically Ethereum is at a pivot point as it’s testing the support around $3,350. A break below this could lead to a drop and $3,200 is the next support. If Ethereum holds or breaks above $3,400 it could be the start of a bullish trend if backed by good regulatory news.
The broader crypto market is recovering from a big bearish phase, Bitcoin (BTC), Ethereum and Dogecoin (DOGE) are all up.
Whales are buying. shows a 154% increase in transaction volume and the number of transactions over $100,000 has more than doubled from 4,580 to 9,000 in one day.
