Ethereum Suffers Price Decline
The Ethereum price is currently down by nearly 3%, trading at $2,473 with a trading volume of almost $11.8 billion. This represents a 14% increase in trading volume.
Over the past week, the ETH price has dropped by 5%, but it has seen a 10% increase over the last month, thanks to gains around January 10. However, the recent struggle may be due to the US Securities and Exchange Commission delaying a decision on the Fidelity Ethereum ETF.
A recent filing by the SEC stated that it is postponing the decision on the ETF, with a new deadline set for March 5. The governing body explained that it needs more time to consider the rule change and the issues raised therein.
Ethereum Price Prognosis
Ethereum’s price has experienced a downturn, revisiting its support at $2,440. This support remains strong, as bears have failed to break it, while bulls have struggled to push the price up. However, many are optimistic about a potential recovery, projecting the price to recover to $2,685 in the days to come.
If successful, experts believe ETH could reach the $2,840 resistance level after surpassing the $2,685 level. The coin’s Bollinger bands are relatively narrow, which has allowed for careful recovery.
The weekend may bring stability, but ETH could see a price surge over the next few days. Therefore, traders might want to keep an eye on its short-term performance.
Promising Alternative to Ethereum
Expectations are high for Meme Kombat, a new project that offers meme battles for its users to bet on. The project also offers staking for a more passive approach with lower risk. The presale has already raised over $7.11 million, and the MK token is selling for $0.279 per token.
Users can obtain MK in exchange for Ether (ETH) or Tether (USDT). Given the strong demand for Meme Kombat’s offering and the historical performance of meme coins, the project may present an excellent opportunity for interested participants.
Hot Take: Ethereum Awaits SEC Decision on ETF
The delay in the SEC’s decision on the Fidelity Ethereum ETF has led to market uncertainty. While traders remain optimistic about a potential recovery, the upcoming weeks will likely determine the coin’s trajectory.
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