Ethereum remains steady at the moment, showing stability in the daily chart despite some uncertainty in the uptrend. The recent reclaiming of $3,000 by buyers is a significant development, although there is still weakness in the market with prices below the crucial $3,300 resistance level. Traders are keeping a close eye on fundamental factors that could potentially trigger a positive movement. If Ethereum manages to stay above $3,300 before the spot ETF is introduced, there is a high likelihood of the coin surpassing $3,700 in gains.
Currently, Ethereum is holding its ground, with a slight 2% decrease from the previous trading week. Trading volume remains relatively stable around $13 billion, indicating cautious optimism among traders who are anticipating potential volatility when the spot ETFs are launched.
In recent Ethereum news, the chair of the United States Commodity Futures Trading Commission (CFTC) acknowledged that a majority of cryptocurrencies are not considered unregistered securities. Additionally, the increasing number of Ethereum stakers is evident, with a record 47.36 million ETH locked in the official Beacon Chain deposit contract.
In terms of price analysis, ETH/USD is experiencing selling pressure but is outperforming Bitcoin. The daily chart shows ETH making progress by surpassing $3,300, although the failure to break through $3,200 and $3,300 suggests a favorable stance for sellers. Traders are advised to consider the prevailing trend when making decisions, with a surge above $3,300 potentially leading to a push towards $3,700, while a drop below $2,800 could see Ethereum falling to $2,500.