Ethereum flipped to red quickly on April 30, confirming fears traders have had all along: ETH is weak, and the Bull Run could be over. So far, Ethereum has not only breached $3,000 but is likely to slip even lower, conquering April 2024 lows at around $2,800. Since yesterday’s bar was conspicuous and wide-ranging, sellers were firmly in control of proceedings. Price action has thus far spilled over to today.
Ethereum is down roughly 10% in the past day at press time, reflecting the general dump visible in the daily chart. With sellers in charge and traders shifting their bets, predicting even more losses, the coin is flash-crashing today. Currently, the average trading volume is up to over $20 billion, rising by 56%. This expansion points to changing trader sentiment. For now, traders are likely positioning for more drawdowns in the second half of the week.
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The following Ethereum news events are worth watching:
- Stripe is, after a six-year break, accepting crypto payments, but not Bitcoin. According to reports, the payment processor will accept stablecoins issued on Ethereum, among other blockchains. According to one of their officials, the decision to resume support for stablecoins is because of improving network stability.
- Court filings now show that Gary Gensler, the chair of the United States SEC, believed that ETH, the native currency of Ethereum, was a security, unlike Bitcoin, for at least a year. ConsenSys is now suing the agency, wanting them to consider ETH a commodity.
Ethereum Price Analysis
ETH/USD is falling, looking at price action in the daily chart.
Even though there were hints of strength earlier on, the dump on April 30 changed this outlook.
Ethereum is trading below $3,000, a psychological number, and may break $2,800 if sellers continue to push on today.
Bears can search for entries since the coin is within a bear breakout formation following April 13 losses.
This preview is valid as long as prices are capped below $3,300.
The immediate bear target is $2,600.