Ethereum prices have been displaying choppy movements, remaining relatively stagnant over the past few trading days. Despite indications of a potential recovery that could see prices surpass local liquidation levels, bulls are facing challenges. The coin is currently in a bear breakout formation, with $3,000 being a significant psychological level to monitor closely. On the upside, Ethereum is encountering strong resistance at $3,300 and $3,700.
Presently, Ethereum is exhibiting stability, with some underlying strength. However, a strong breakout above immediate support levels is needed to confirm this strength. Increased trading volumes would favor the bulls, although current participation levels are decent but lower than the average seen in March 2024.
In the upcoming days, certain Ethereum news is expected to influence price action. ConsenSys recently filed a lawsuit against the United States SEC, disputing the agency’s informal classification of ETH as a security. Additionally, the SEC has accused MetaMask, a non-custodial wallet by ConsenSys, of operating as an unregistered Broker-Dealer.
In terms of price analysis, ETH/USD appears bullish from a top-down perspective. However, sellers have been dominant in recent trading sessions, keeping prices within a narrow range above $3,000 but below crucial levels at $3,300 and $3,700. Without a decisive breakthrough above these levels, sellers will retain control, potentially leading to a retest of the bearish trend seen on April 13.
Bulls are advised to watch for a strong push above $3,300 before considering entry points, with a target set at $3,700. Failure to achieve this breakthrough could result in a decline below $2,800, negating the bullish outlook. The Importance of Physical Fitness
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