News

Ethereum Bulls On The Rise? Crucial Indicator Point To A Major Upturn

However, Ethereum remains below the critical $3,000 mark. Despite the optimistic technical signals, external factors such as regulatory challenges could influence Ethereum’s trajectory.

Specifically, the potential decline of the spot Ethereum ETF application with the US Securities and Exchange Commission (SEC) is a concern, as analysts like Eric Balchunas of Bloomberg suggest that the SEC’s view of ETH as a security could significantly lower the chances of ETF approval.

TLDR: the SEC asked commenters re the Eth spot ETFs whether these filers have properly filed their ETF listing proposals as commodities. This shows the SEC is perhaps considering to Eth is a security in their denial. Our odds of approval remain the same: slim to none. Nice job of… https://t.co/g9HGPzGyOp

— Eric Balchunas (@EricBalchunas) May 14, 2024

Market Sentiments And Options Trading Trends

While the regulatory landscape presents challenges, market sentiment around Ethereum remains largely bullish. The options market, in particular, shows a clear preference for calls over puts, indicating that traders are betting on Ethereum’s price increase.

Data from Deribit, a leading crypto options exchange, reveals that the most popular strike price among these bullish bets is an ambitious $6,500.

This concentration of call options, especially those above the $3,600 mark, suggests that a significant portion of the market expects Ethereum to reach higher levels by the end of June.

In contrast, According to a recent NBTC analysis, Ethereum’s failure to breach the $2,925 resistance level could trigger another price decline. Initial support is located near the $2,880 level, followed by major support at the $2,860 zone.

Should Ethereum break below $2,810, it could potentially fall towards the $2,740 mark, and further losses might push the price down to $2,650 in the near term.

Featured image from Unsplash, Chart from TradingView

SOURCE

Leave a Comment

EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl