Can Ethereum Break Free from Bears? Critical Price Close May Decide Fate

  • Ethereum faced resistance amid attempts to break a bearish trend on its 4-hour chart.
  • JPMorgan analysts expressed optimism about the approval of a spot Ethereum ETF despite regulatory challenges.
  • Technical indicators provided a mixed assessment of Ethereum’s price direction.

Ethereum (ETH) encountered resistance as it sought to defy a bearish trend depicted on its 4-hour chart. This struggle ensued following a pattern of declining lows and highs observed over the preceding days. 

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Source: TradingView

A pivotal moment loomed as Ethereum sought to surpass the $3,025.80 mark within a 12-hour window. Success in this endeavor could potentially undermine the prevailing pessimistic outlook on the cryptocurrency’s price trajectory.

Moreover, Ethereum’s price fluctuations were impacted by wider market trends and regulatory changes. Investor confidence fluctuated as some chose to sell their Ethereum assets amid regulatory uncertainty. The issuance of a Wells Notice to Robinhood Crypto by the SEC added to apprehensions in the cryptocurrency sphere, raising questions about the classification of specific assets as unregistered securities.

In the midst of regulatory scrutiny, JPMorgan analysts voiced positivity about the potential approval of a spot Ethereum ETF. While acknowledging the regulatory hurdles confronting Robinhood Crypto, JPMorgan experts remained confident in the eventual green light from the SEC for spot Ethereum ETFs. Nevertheless, the timing of this approval remained ambiguous, with analysts hinting at a potential delay stretching beyond the present month.

Technical indicators provided a mixed assessment of Ethereum’s price direction. While efforts were made to break away from the bearish trend, sellers maintained a strong presence in the market. The MACD hinted at a potential reversal in Ethereum’s negative cycle, yet the RSI indicated the ongoing advantage held by sellers.

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