Join Our Telegram channel to stay up to date on breaking news coverage
The Ethereum price pumped 13% in the last 24 hours to trade at $1,612 as of 12:22 a.m. EST on trading volume that surged 47% to $36 billion.
This rise in the ETH price comes after the US Securities and Exchange Commission approved a filing from Nasdaq ISE, filed last July, asking to list option contracts on BlackRock’s iShares Ethereum Trust (ETHA).
JUST IN: SEC approves options on spot Ethereum ETFshttps://t.co/RRtZOKvq7E#EthereumETF #Ethereum $ETH pic.twitter.com/iI7yjfxORX
— Crypto Patel (@CryptoPatel) April 9, 2025
The agency had until yesterday to make a decision, with the approval 100% expected by investors.
Ethereum Price On A Sustained Bearish Trend
The ETH price has been trading within a well-defined falling channel pattern since its peak in late December 2024.
This descending Ethereum price formation, marked by consistently lower highs and lower lows, underscores a sustained bearish trend.
The price of Ethereum has respected the upper and lower bounds of the channel throughout, signaling a clear downtrend.
Recent price action shows ETH attempting a minor rebound after nearing the channel’s lower boundary around $1,500, but it remains under significant bearish pressure, according to data from GeckoTerminal.
The 50-day Simple Moving Average (SMA) is currently at $2,047.59, which lies well above the current ETH price of $1,612.34. This signals bearish momentum and reinforces the downtrend.
Similarly, the 200-day SMA at $2,814.96 is even higher, showing that the long-term trend remains decisively negative.
Meanwhile, the Relative Strength Index (RSI) is currently at 37.23, which hovers just above the oversold threshold of 30. While this indicates that Ethereum is not extremely oversold, it does show weakened buying momentum.
ETH Price Prediction
Given the continuation of the falling channel, the suppressed price below both major moving averages, and a muted RSI just above oversold levels, the Ethereum price action suggests further downside risk in the near term.
Unless there is a confirmed breakout above the upper boundary of the falling channel and the 50-day SMA, the bearish trend will likely persist.
If bears push the price of ETH further down, $1,223 could act as a cushion against downward pressure.
On the upside, a short-term bounce toward resistance near $1,750–$1,800 is possible.
In the meantime, investors are flocking to buy Best Wallet (BEST), which popular YouTuber ClayBro, with over 136K subscribers, says has the potential to soar 10X after launch.
Best Wallet Presale Closing On The $12 Million Mark
Best Wallet just surpassed $11.62 in its hot presale. The new-gen crypto wallet is drawing massive attention from investors as the presale proceeds.
Best Wallet is a Web3 wallet that combines crypto storage services with decentralized trading features. The platform caters to investors and traders of all sizes and simplifies crypto management across different blockchains.
The wallet supports 60+ blockchains and also features a built-in DEX, presale aggregator, and crypto debit card.
Its native token, BEST, powers the ecosystem, which is designed to simplify on-chain activities while minimizing security risks. This makes it a standout app in the competitive crypto wallet space.
The Fastest Growing Wallet in Crypto!
In a crowded market, Best Wallet delivers the tools you need to gain an edge. 🚀
1️⃣ Exclusive alpha on new projects.
2️⃣ Buy and claim tokens in the app.
3️⃣ Manage all your assets across multiple chains in one place.This is why the Best… pic.twitter.com/AT4yos1CmG
— Best Wallet (@BestWalletHQ) December 30, 2024
A key feature that sets Best Wallet apart is its “Upcoming Tokens” section, a presale aggregator that identifies high-potential projects.
It’s establishing a strong track record after already flagging Pepe Unchained (PEPU) and Catslap (SLAP), meme coins that delivered 500% and 3,000% gains, respectively, for early investors.
Currently, BEST tokens are priced at $0.024675. Buy before a price hike in less than 36 hours to lock in the best deal.
After purchasing BEST, you can also stake your tokens for a 134% annual return.
Related News:
- Bitwise Says Bitcoin Could Outlast Dollar As Trump Tariffs Rattle Global Order
- SOL Surges 11%, But Experts Say Consider This New Layer-2 Presale Crypto
- XRP Price Prediction for Today, April 10 – XRP Technical Analysis
Best Wallet - Diversify Your Crypto Portfolio
- Easy to Use, Feature-Driven Crypto Wallet
- Get Early Access to Upcoming Token ICOs
- Multi-Chain, Multi-Wallet, Non-Custodial
- Now On App Store, Google Play
- 250,000+ Monthly Active Users
Join Our Telegram channel to stay up to date on breaking news coverage
