Ethereum (ETH) price is once again trending lower as the sell-off in the cryptocurrencies deepens. Most digital assets have lost their weekly gains as the BTC price fully retraced to its weekly lows. Technical analysis reveals that the ETH price is currently hanging by a thread.
On Friday, Ethereum is trading 0.61% lower after it suffered a 3.5% loss in its previous trading session. Most altcoins are showing a similar price action as the Bitcoin price fell below $26,000 today. Analysts are predicting more downside as the volatility increases in crypto markets.
ETH Price Faces Headwinds From Delayed Spot BTC ETF
On Thursday, the Securities and Exchange Commission (SEC) delayed the approval of spot Bitcoin ETF by another 45 days. The regulator is facing huge pressure from the community to approve a spot ETF for the biggest digital asset after the recent court win by the Greyscale.
After the recent extension in deadline, Bitcoin and Ethereum prices lost their weekly gains as the short-term traders closed their longs. Despite the use of delaying tactics by the SEC, most analysts still believe that approval of a spot BTC ETF is only a matter of time.
Ethereum Price Prediction
The following daily chart shows that the ETH price is retesting the upward trendline. A breakdown below this trendline would make Ethereum price prediction extremely bearish, putting a massive downside on the cards. To avoid this bearish outlook, bulls need to break above the 200 MA, which currently lies at $1802.
On a weekly chart, ETH is trading below the 200 MA, which lies at $1638. If the price closes this week below the key moving average, I expect a major move to the downside. However, the week is not closed, and bulls still have some time to orchestrate a rebound.
In the meantime, I’ll keep sharing updated ETH to USD analysis and my personal trades on my Twitter, where you are welcome to follow me.
