- Ethereum price struggles to cross $2,000, amid low volatility.
- SEC’s Spot Bitcoin ETF delay has severely affected the crypto market.
Ethereum, the second-largest cryptocurrency by market capitalization has shown relatively neutral momentum. Currently priced at $1,850, it is yet to breach the $2,000 mark, a level achieved two weeks prior. This came after a partial win for Ripple in the SEC lawsuit, which was short-lived.
Examining the past month, Ethereum experienced a decline of 1.83%, reflecting a downturn in its trajectory. However, in the last week, the cryptocurrency demonstrated resilience in the face of the US Consumer Price Index (CPI) release, leading to a modest 0.18% surge. Despite these recent shifts, Ethereum remains 62.18% away from its all-time high (ATH) set two years ago on November 16, 2021.
Looking at the domain of Exchange Traded Funds (ETFs), there are presently 14 active futures-based ETH ETF filings in the US. With the first verdict expected around October, the Ethereum market grapples with a lack of decisive momentum. Also, this scenario is further complicated by a lack of catalysts in the Bitcoin market.
In the recent context of ETF-related news, the US Securities and Exchange Commission (SEC) has deferred the decision on Cathie Wood’s Ark Invest Bitcoin Spot ETF application. This delay originates from the SEC’s call for public input regarding amendments to the ETF applications, only days before the scheduled decision date.
Proximity to a Neutral Stance
The daily price chart showcases the silent battle between the bulls and the bears. An assessment of the daily Relative Strength Index (RSI) shows that ETH has slightly dipped below the neutral zone, with a value of 47. This suggests a proximity to a neutral stance, adding to the uncertainty.
Looking ahead, the outcome hinges on whether Ethereum can transcend a bullish momentum. There is a possibility that the ETH/USDT pair might surge to $1,917 and even reach $2,018, should a bullish trend emerge. Conversely, negative sentiment could push the price downwards to $1,600 or even $1,458.
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Source: https://thenewscrypto.com/ethereum-eth-price-consolidates-amid-low-volatility/