Ethereum (ETH) Price Struggles Below $3,900 as SEC Delays ETF Launch

As the United States Securities and Exchange Commission (SEC) delays the final listing of the approved spot Ethereum (ETH) exchange-traded funds (ETF), the midterm Ether’s bullish perspective has gradually faded. The large-cap altcoin has closed the last two weeks in a correction mode after facing an immense resistance level of around $3,900. 

As a result, short-term bearish sentiments could trigger a further Ethereum correction amid high-impact news. Notably, the crypto market is eagerly awaiting the Fed’s interest rate and Consumer Price Index (CPI) data on Wednesday. Furthermore, anticipated US rate cuts are perceived as bullish for the cryptocurrency industry, more so after the European Central Bank (ECB) reduced its interest rates from 4 percent to 3.75 percent.

Ethereum Whales Heighten On-chain Activity

Following the historic approval of spot Ether ETFs in the United States and Hong Kong, several on-chain data analytics firms show that deep-pocketed investors have been doubling down on Ethereum. Already, BlackRock has seeded its spot Ether ETF with $10 million, way higher than its spot BTC ETF.

According to on-chain data from Glassnode, the number of Ethereum addresses holding at least 10k ETH has increased by 3 percent in the past three weeks. 

Midterm Price Target

According to popular analyst alias Crypto Patel, Ether’s price against the US dollar continues to trade within a parallel bullish flag and without a clear breakout on either side. As such, the crypto analyst expects Ether price to drop as much as $3,152 if the support level of around $3,650 fails to hold.

From the bullish perspective, the crypto analyst has set a target of between $6k and $7k if the support level around $3,150 holds and the altcoin pushes beyond $4k soon.

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