Ethereum (ETH) Testing $1,500 Support: More Dump Expected?

Ethereum (ETH) faced a lackluster response to the launch of its futures Exchange-Traded Funds (ETFs), in stark contrast to the initial enthusiasm seen with Bitcoin (BTC) futures ETFs. Over recent weeks, trader activity has dwindled, resulting in remarkably low transaction fees on the Ethereum network, the lowest since late 2022.

On a recent trading day, Ethereum’s value experienced a decline, hovering around the $1,580 mark. After briefly reaching a high of $1,584 on Wednesday, ETH/USD saw an intraday dip to $1,548.

Ethereum (ETH) – A Performance Overview
The $1,550 support level is currently undergoing a critical test. If it holds, there is a chance for the bulls to maintain the price in the current range near $1,600. However, if this support level breaks, the next support at $1,500 may not be sufficient to prevent a further decline, potentially leading to a drop to $1,375.

The fate of Ethereum’s price is also intertwined with market sentiment, hinging on the SEC’s potential approval of the ETF and the continued interest in cryptocurrency derivatives. The primary resistance level of Ethereum remains at $1,750, a level that has previously influenced the price. The next significant target is the $1,975 mark, which holds more significance.

At the time of writing, ETH is trading at $1,552, showing a 1.50% decline over the past 24 hours and a 0.79% decrease over the last month. Further, the daily trading volume has dropped by approximately 11% in the past 24 hours. However, there is still potential for short-term bullish sentiment to persist, with a key resistance level around the $1,600 range.
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