Ethereum Price Declines Below Critical Support

Krutika Adani

Ethereum Loses Critical Support

The price of Ethereum started a fresh decline below $3500, initiating another round of selloffs.

Sustained Decline in Price

After the decline, the price of ETH was trading below its 100-hour moving average, $3550, on a sustained basis.

Price Faces Resistance at $3880

ETH has faced resistance at $3880. Only a sustained price above this level could help the price achieve pre-ETF peaks.

ETF Delays Causing Sell-off

A major factor in the decline in the price of ETH despite the greenlight for ETFs is a delay in the SEC's approval of individual ETFs and their S1 applications.

Gary Gensler Says S1 Approval by This Summer

Yesterday, SEC chief Gary Gensler commented that the individual S1 applications for ETH approval might happen before the end of this summer.