ETH is currently priced at $4,180.27, showing a slight decline of 0.08% over the past 24 hours. The RSI for Ethereum stands at 40.07, suggesting a neutral momentum with some bearish signals. The SEC has streamlined the approval process for crypto ETFs, reducing the timeline from 270 days to just 75 days.
This week, a major development affecting Ethereum markets is the SEC’s announcement regarding streamlined processes for cryptocurrency ETF approvals. The regulatory body has cut the approval timeline from as long as 270 days to only 75 days, a change that may speed up institutional adoption of Ethereum-based investment products. Grayscale Investments has taken advantage of this development by launching a new multi-coin ETF that features Ethereum, Bitcoin, Solana, XRP, and Cardano.
Even with this fundamentally positive regulatory change, the ETH price has reacted little in the short term, indicating that the market is more concerned with immediate technical factors than with longer-term institutional progress. Traders appear to be holding back, indicating they are looking for clear signs of increased ETF inflows before making any major changes to their positions. In the current market landscape, Citigroup’s recent year-end price target of $4,300 for Ethereum presents a cautious perspective, significantly lower than ETH’s recent all-time high of $4,955.14. The target, although optimistic, indicates a mere 2.9% increase from current prices, which explains the tepid price movement despite the positive news surrounding it.
Recent analysis of Ethereum shows troubling momentum indicators that cast a shadow over the latest positive developments. ETH’s RSI is currently at 40.07, placing the cryptocurrency in neutral territory while indicating a clear bearish trend as it nears oversold conditions. Indicator shows a significant bearish signal, with the histogram at -51.59, reflecting strong downward momentum. The bearish divergence indicates that even though Ethereum is close to important support levels, selling pressure remains strong in the ETH/USDT trading pair. Ethereum’s stance in relation to its Bollinger Bands reveals a comparable narrative. ETH is trading at $4,101.87, with a %B position of 0.1225, suggesting it is very close to the lower band and testing important support levels. The current price action between the middle band ($4,421.77) and lower band indicates ongoing consolidation with a downward bias. The moving average structure reinforces the bearish short-term outlook. ETH price stays under all key short-term moving averages, with the 7-day SMA at $4,360.75 and the 20-day SMA at $4,421.77 serving as resistance levels. However, the cryptocurrency holds its ground well above the crucial 200-day SMA at $2,910.38, maintaining the longer-term bullish structure.
According to data, Ethereum encounters immediate resistance at $4,769.36, with a more significant resistance level at the psychological mark of $4,956.78, close to recent highs. These Ethereum resistance levels are key obstacles for any possible recovery effort. ETH’s immediate support is currently at $4,073.74, aligning with the recent low observed over the past 24 hours. A drop below this level might lead to increased selling pressure, pushing prices down toward the more robust Ethereum support levels at $3,564.19, indicating a possible 14.7% decrease from current values. Analysis indicates that $4,155.17 is a key inflection point. The price action of ETH at this level is expected to influence the short-term directional bias. If trading remains below this pivot, it could indicate further downside potential. The daily ATR of $170.93 shows moderate volatility, indicating that movements toward the immediate support or resistance levels are within the normal trading ranges for Ethereum.