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The Ethereum price dropped 2% in the last 24 hours to trade at $2,635 as of 09:23 p.m. EST on trading volume that rose 2% to $30.8 billion.
This comes as the US Securities Exchange Commission (SEC) said it will decide on April 9 whether to approve options trading on BlackRock’s iShares Ethereum Trust.
🇺🇸 SEC has delayed BlackRock’s spot Ethereum ETF options
The SEC has delayed its decision on BlackRock’s spot Ethereum ETF options until April 9, 2025 likely pending Paul S. Atkins' confirmation. Meanwhile, CBOE has filed a 19b-4 rule change proposal with the SEC to enable… pic.twitter.com/s4xO08hVaD
— Cult of Blockchain (@BlockchainCult) February 7, 2025
BlackRock’s spot Ethereum ETF was approved along with eight others in May 2024 and began trading over the summer. Later, Nasdaq, on behalf of BlackRock, filed a rule change in August to list and trade options of the iShares Ethereum Trust.
Ethereum Price Could Still Soar
The ETH price has been trading within a long-term ascending channel, as highlighted by the orange trendlines in the chart. This suggests that despite the corrections, the Ethereum price remains in a macro uptrend, forming higher lows over time.
However, in the short term, ETH has experienced a slight decline, bringing the price down to $2,635.70. This drop caused a test of a critical support level near the 200-day Simple Moving Average (SMA), which is currently at $2,481.78.
Historically, this moving average has served as a dynamic support level during bearish market cycles. A successful hold above this level could maintain Ethereum’s long-term bullish trajectory.
The 50-day SMA at $3,146.71 has now become a key resistance level, which the price of ETH must reclaim to resume its uptrend. A break above this level could push the price of Ethereum towards the upper boundary of the channel, targeting higher price levels.
The Relative Strength Index (RSI) is currently at 42.38, indicating that Ethereum is in a neutral-to-slightly-oversold zone. The 55 level is acting as resistance, meaning bullish momentum needs to strengthen for the Ethereum price to regain its bullish footing.
If RSI drops below 40, it may indicate further downside pressure, whereas a breakout above 55 would confirm renewed strength.
Ethereum Price Chart Analysis (Tradingview)
ETH Price Prediction
Ethereum’s next major move depends on its ability to hold key support and break through resistance levels.
If the price of ETH holds above the 200-day SMA ($2,481.78) and reclaims the 50-day SMA ($3,146.71), the next resistance to watch would be $4,868, the previous high. A breakout above this level would confirm the continuation of the long-term uptrend, potentially leading ETH toward $7,500 and beyond within the year.
A failure to hold the 200-SMA could result in a decline toward $2,000 or lower, with the next major support around $1,800.
As the Ethereum price tries to rally, investors are snapping up a new AI agent crypto called MIND of Pepe (MIND). 99Bitcoins, a popular crypto channel on YouTube with over 724K subscribers, says MIND has the potential to soar 20X after its launch.
MIND of Pepe Presale Heads For $6 Million
MIND of Pepe has attracted a huge following, and has already raised more than $5.4 million.
It stands out by integrating hive-mind technology to analyze emerging trends in the Web3 space on social media platforms, especially ‘Crypto Twitter,’ before the rest of the market catches on.
It then passes its intelligence to holders through token-gated groups, giving them a crucial edge.
It Is Pepe's World Now. $MIND pic.twitter.com/x63eC7VtKn
— MIND of Pepe (@MINDofPepe) February 6, 2025
MIND of Pepe’s AI agent doesn’t just passively observe, it actively engages with influencers, platforms, and communities, helping shape the market narrative,
MIND holders also have the opportunity to stake their tokens for a stratospheric 423% annual percentage yield (APY).
MIND tokens are currently priced at $0.0032792, and can be purchased through the simple buy widget embedded on the project’s website using either crypto or bank card.
Buy before a price hike in about 12 hours to lock in the best deal.
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