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The Ethereum price recorded a slight loss over the past 24 hours to trade at $2,977.38 as of 7:55 a.m. EST as investors sell some of their holdings in the largest altcoin by market cap.
ETH’s minor drop comes after Robinhood Crypto received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), which has accused it of selling unregistered securities.
Despite the bearish development, JPMorgan believes the Wells Notice to Robinhood Crypto will not affect the potential approval of a spot Ethereum ETF (exchange-traded fund), which the SEC may also classify as a security but has yet to do so.
“In our opinion, it does not look like the Wells notice should pose an obstacle to an eventual approval by the SEC of spot Ethereum ETFs, although perhaps not as soon as this month,” JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a May 8 report.
The Ethereum Price Trying To Escape Its Bearish Trend
4-hour chart for ETH/USDT (Source: TradingView)
The Ethereum price tried to escape a negative price channel that emerged on the altcoin leader’s 4-hour chart. This was after ETH printed a series of lower lows and lower highs over the past couple of days.
Although ETH still trades above this bearish channel, sellers are exerting pressure on the crypto’s price. If bulls are not able to fend off the bearish force, the Ethereum price could be at risk of re-entering the channel.
Traders might then enter a short position for ETH, which could lead to a retest of the $2,889 support level. If this crucial mark fails to hold, the crypto might fall to the subsequent crutch at $2,730.93 in the short term.
A 4-hour candle close above $3,025.80 within the next 12 hours could invalidate this bearish thesis. In this alternative scenario, ETH will not only have escaped the negative channel, it will also have a clear path to potentially keep climbing in the next few days.
Bulls might choose to utilize this gap to push the Ethereum price up to the major resistance level at $3,233.13. Continued buy volume should ETH reach this point could then lead to it flipping this barrier into support and rising to as high as $3,360.91.
Ethereum Price Still At Risk As Sellers Maintain Their Strength
Technical indicators on ETH’s 4-hour chart suggest that ETH is attempting to exit its bearish trend. However, they also warn that the Ethereum price might keep dropping as sellers currently have the upper hand against buyers.
With the Moving Average Convergence Divergence (MACD) line rising towards the MACD Signal line, it seems ETH’s negative cycle might be reaching its end.
Bears are not making it easy, however, as indicated by the Relative Strength Index (RSI) on the 4-hour chart. Sellers have an advantage over buyers, which is signaled by the RSI’s positioning below its Simple Moving Average (SMA) line.
Bulls tried their best to steal the advantage from bears, but were unable to recover. As a result, the RSI was rejected by the SMA line. This suggests that sellers are now growing stronger, which could lead to them pulling the Ethereum price down in the next 24 hours.
With bulls and bears battling it out on ETH’s charts, some traders are turning to the eTukTuk (TUK) presale.
Revolutionizing The Transport Industry
eTukTuk is a green AI-powered project that is on a mission to slash global carbon emissions. Through the use of blockchain technology, the project is creating a decentralized energy infrastructure to power electric vehicles across the globe.
Join the movement towards cleaner streets and clearer skies.
In a world choking on carbon emissions, be the change you wish to see.
Together, let's drive towards a sustainable future with #eTukTuk. 🌍 pic.twitter.com/CsWUd3I4Og
— eTukTuk (@eTukTukio) May 7, 2024
At the heart of the eTukTuk ecosystem is the project’s electric version of the Tuk Tuk. These neat mini-taxis are popular modes of transport in developing countries, and enable their drivers to earn an income.
However, up until now, these mini taxi operators have been at the mercy of tight profit margins. By cleverly combining blockchain, AI and green technologies, eTukTuk provides these operators with much-needed financial relief.
Drivers’ routes are optimized by eTukTuk’s powerful AI, allowing mini taxi operators to complete more routes and subsequently earn more income. In addition to this, the project has established strategic partnerships with local manufacturers to drastically reduce the purchase and maintenance costs of electric TukTuks.
Investors Bet Big On TUK
eTukTuk has raised more than $3.2 million via its presale, as investors rush to buy the token before its official launch.
Its appeal to citizens in highly-populated nations in South Asia and Africa means that eTukTuk already has a large potential user base.
YouTuber Jacob Crypto Bury is also bullish on TUK. He told his 38.4k subscribers that the crypto has 10X potential.
Purchase TUK on its official website before its launch here.
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