Ethereum

Bitcoin ETF

<ul>
 <li><strong>At the time of writing, Ethereum is trading at $2527, down 0.46% in the last 24 hours.</strong></li>
 <li><strong>If the price manages to go past $2591 level, then it will likely test $2632 resistance level.</strong></li>
</ul>
<p>Glassnode statistics shows that the number of active validators on the Ethereum Proof-of-Stake (PoS) network reached a year-to-date low on January 12th. Decline started on January 4th, coinciding with a record-breaking 17,821 validators willingly leaving the network’s validator pool.</p>
<p>This pattern surfaced the day after leading crypto investment services firm Matrixport indicated that the U.S. <a href="https://thenewscrypto.com/u-s-sec-chair-gary-gensler-speaks-up-on-spot-bitcoin-etf-decision/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> could reject all of the Bitcoin ETF proposals. The SEC is yet to decide on the Ethereum ETF with a deadline in May.</p>
<h3 class="wp-block-heading" id="h-consolidation-phase">Consolidation Phase</h3>
<p>The <a href="https://thenewscrypto.com/jpmorgan-cautious-on-spot-ethereum-etfs-approval-by-may-deadline/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> price is currently exhibiting a correction, and there are patterns that suggest a rally may not only be on the horizon but could also be in continuation. The asset has recently experienced a sharp downturn, movement that is readily apparent on intraday time frames.</p>
<p>Amidst a lengthy consolidation period, several crypto analysts have predicted that Ethereum (ETH) is prepared for a substantial rebound. Analysts predict that Ethereum is about to break out of its current trading zone and hit the $3,500 mark.</p>
<p>At the time of writing, Ethereum is trading at $2527, down 0.46% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 13.23%. The price has been consolidating after making a failed attempt to clear above $2711 mark and faced brief correction.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="630" height="380" src="https://thenewscrypto.com/wp-content/uploads/2024/01/ETH_7D_graph_coinmarketcap-2.png" alt="" class="wp-image-89367" srcset="https://thenewscrypto.com/wp-content/uploads/2024/01/ETH_7D_graph_coinmarketcap-2.png 630w, https://thenewscrypto.com/wp-content/uploads/2024/01/ETH_7D_graph_coinmarketcap-2-300x181.png 300w" sizes="(max-width: 630px) 100vw, 630px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div>
<p>If the price manages to go past $2591 level, then it will likely climb further to test $2632 resistance level. On the other hand, if the price goes below $2465 level then it will likely decline further to test $2358 support level.</p>

Ethereum Eyes Rebound Amid Prolonged Consolidation Phase

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TheNewsCrypto

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