{"id":11669,"date":"2024-05-15T00:02:46","date_gmt":"2024-05-15T00:02:46","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/more-pain-for-ethereum-analyst-predicts-washout-to-2700-amid-regulatory-pressure\/"},"modified":"2024-05-15T00:03:58","modified_gmt":"2024-05-15T00:03:58","slug":"ethereum-facing-pressure-potential-drop-to-2700-ahead","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/ethereum-facing-pressure-potential-drop-to-2700-ahead\/","title":{"rendered":"Ethereum Facing Pressure, Potential Drop to $2,700 Ahead"},"content":{"rendered":"\n<p>The selling pressure on Ethereum continues, with a significant drop of over 30% from its March 2024 highs. Recent price declines below $3,000 and increased selling activity indicate a challenging time for hopeful buyers in the near future.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Analyst_Anticipates_Further_Decline_to_2700\"><\/span>Analyst Anticipates Further Decline to $2,700<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One analyst suggests that Ethereum remains bearish and is currently trading within a falling wedge pattern. The prediction is for ETH to fall below immediate support levels, potentially dropping to $2,700 in a final &#8220;washout&#8221; move. Despite market concerns, the overall Ethereum price structure remains unchanged.<\/p>\n<p><\/p>\n<p>Looking at the daily candlestick chart, Ethereum is in a bearish breakout formation following substantial losses in mid-April. Unless there is a strong push above $3,300 and the descending wedge, sellers are likely to exert more pressure. Ethereum currently finds support around $2,800. If the predicted &#8220;washout&#8221; occurs, ETH could drop below $2,700 towards $2,600 and $2,200, marking key support levels.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Challenges_for_Spot_Ethereum_ETFs\"><\/span>Challenges for Spot Ethereum ETFs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The possibility of the United States Securities and Exchange Commission (SEC) rejecting spot Ethereum exchange-traded funds (ETFs) this month adds to the bearish sentiment. Speculation arises from concerns about Ethereum being classified as a security by the commission, potentially hindering ETF approval.<\/p>\n<p>A finance lawyer on X confirmed that the SEC is evaluating the classification of ETH as a security for spot ETF decisions. Unlike Bitcoin, ETH faces additional scrutiny. If ETH is deemed a security, all spot ETF applications could be declined, impacting entities like Grayscale&#8217;s Ethereum trusts as the SEC may require liquidation and closure.<\/p>\n<p>In response, Consensys, led by Ethereum co-founder Joseph Lubin, has taken steps to protect the crypto ecosystem by challenging the SEC&#8217;s potential classification of ETH as a security. The threat of this classification could have adverse effects on the use of Ethereum and similar blockchain technologies in the United States.<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The selling pressure on Ethereum continues, with a significant drop of over 30% from its March 2024 highs. Recent price declines below $3,000 and increased selling activity indicate a challenging time for hopeful buyers in the near future. Analyst Anticipates Further Decline to $2,700 One analyst suggests that Ethereum remains bearish and is currently trading [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11670,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Ethereum Facing Pressure, Potential Drop to $2,700 Ahead - Bitrabo","description":"The selling pressure on Ethereum continues, with a significant drop of over 30% from its March 2024 highs. Recent price declines below $3,000 and increased sell"},"footnotes":""},"categories":[316],"tags":[788,768,1877,911,1494,1140,4114],"class_list":["post-11669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-analyst","tag-ethereum","tag-pain","tag-predicts","tag-pressure","tag-regulatory","tag-washout"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/11669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=11669"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/11669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/11670"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=11669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=11669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=11669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}