{"id":1591,"date":"2024-05-15T00:00:40","date_gmt":"2024-05-15T00:00:40","guid":{"rendered":"https:\/\/cryptd.in\/more-pain-for-ethereum-analyst-predicts-washout-to-2700-amid-regulatory-pressure\/"},"modified":"2024-05-15T00:00:40","modified_gmt":"2024-05-15T00:00:40","slug":"more-pain-for-ethereum-analyst-predicts-washout-to-2700-amid-regulatory-pressure","status":"publish","type":"post","link":"https:\/\/cryptd.in\/uk\/more-pain-for-ethereum-analyst-predicts-washout-to-2700-amid-regulatory-pressure\/","title":{"rendered":"\u0429\u0435 \u0431\u0456\u043b\u044c\u0448\u0435 \u0431\u043e\u043b\u044e \u0434\u043b\u044f Ethereum? \u0410\u043d\u0430\u043b\u0456\u0442\u0438\u043a \u043f\u0440\u043e\u0433\u043d\u043e\u0437\u0443\u0454 \"\u0432\u0438\u043c\u0438\u0432\u0430\u043d\u043d\u044f\" \u0434\u043e $2 700 \u043d\u0430 \u0442\u043b\u0456 \u0440\u0435\u0433\u0443\u043b\u044f\u0442\u043e\u0440\u043d\u043e\u0433\u043e \u0442\u0438\u0441\u043a\u0443"},"content":{"rendered":"

Ethereum remains under immense selling pressure, shaving over 30% from March 2024 highs. With prices recently dropping below $3,000 and sellers doubling down, there could be no reprieve for optimistic buyers in the sessions to come.\u00a0<\/p>\n

Analyst Expects One More \u201cWashout\u201d To $2,700<\/h2>\n

Taking to X, one analyst\u00a0notes<\/a> that the coin is still bearish and moving inside a falling wedge. The trader predicts that ETH will continue dropping below immediate support levels.\u00a0<\/p>\n

In a post, the trader predicts a potential \u201cwashout\u201d for ETH that would likely see the coin fall below $2,700. The analyst added that despite the prevailing fear, the overall structure of Ethereum price action remains unchanged.\u00a0<\/p>\n

The Ethereum candlestick arrangement in the daily chart shows that Ethereum prices are within a bearish breakout formation. Following the sharp losses in mid-April, buyers have yet to unwind losses.\u00a0<\/p>\n

Accordingly, unless there is no strong push above $3,300 and the descending wedge, the odds of sellers further pressing on remain high. In the current formation, Ethereum has strong support at $2,800. If there is a \u201cwashout,\u201d as the analyst says, ETH may fall below $2,700 towards $2,600 and $2,200, two of the immediate support levels.<\/p>\n

Prospects Of Spot Ethereum ETFs Dimming<\/h2>\n

\u00a0<\/p>\n

Adding fuel to the bearish fire are growing odds that the United States Securities and Exchange Commission (SEC) might reject the approval of spot Ethereum exchange-traded funds (ETFs) this month. This speculation stems from analysts pointing to the commission potentially classifying Ethereum as a security, derailing ETF approval.<\/p>\n

A finance lawyer on X\u00a0confirmed<\/a>\u00a0that the United States SEC is considering classifying ETH as a security in their upcoming spot ETF decisions. Unlike Bitcoin, whose spot and futures ETFs were approved without such scrutiny, ETH faces this additional hurdle.\u00a0<\/p>\n

Should the Gary Gensler-led commission deem ETH security, dire consequences would exist. While all spot ETF applications could be denied, there would be more. As part of Grayscale\u2019s Ethereum trusts, ETHE, terms and conditions, if the United States SEC classifies ETH as a security, all ETHE will be liquidated<\/a>, and the trust closed.\u00a0<\/p>\n

In late April, Consensys, led by Ethereum\u2019s co-founder Joseph Lubin, said they are suing<\/a> the United States SEC to protect the broader crypto ecosystem. By threatening to classify ETH as a security, ConsenSys said the regulator \u201cwould jeopardize the United States\u2019 ability to use Ethereum and similar blockchain technology.\u201d<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum remains under immense selling pressure, shaving over 30% from March 2024 highs. With prices recently dropping below $3,000 and sellers doubling down, there could be no reprieve for optimistic buyers in the sessions to come.\u00a0 Analyst Expects One More \u201cWashout\u201d To $2,700 Taking to X, one analyst\u00a0notes that the coin is still bearish and […]<\/p>\n","protected":false},"author":0,"featured_media":1592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[155,154,156],"class_list":["post-1591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds","tag-cryptoprediction","tag-ethereumpain","tag-regulatorypressure"],"yoast_head":"\nMore Pain For Ethereum? 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