Ethereum

United

Bitcoin

April

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<p dir="ltr">After one very long ride, Ethereum (ETH) has finally&nbsp;<a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">breached</a> the psychologically important $3,000 price mark. While this calls for celebration, investors are advised to exercise caution as headwinds lie ahead.</p>
<h2 id="ethereum-market-headwind-not-cleared">Ethereum market headwind not cleared</h2>
<p dir="ltr">Despite its strong correlation with Bitcoin, Ethereum’s price outlook in this current bull cycle has been somewhat disappointing. While Bitcoin soared to its all-time high (ATH) and set a new one above $73,000, Ethereum traded above 40% below its ATH.</p>
<p dir="ltr">The $3,000 price level has been a major bane for Ethereum over the past month. From at least April 17, Ethereum has made at least six attempts to&nbsp;<a href="https://u.today/ethereum-eth-breaks-3000-are-we-saved" rel="noopener noreferrer nofollow">surpass the $3,000 resistance</a> but was always rejected at each point.&nbsp;</p>
<p dir="ltr">At the time of writing, the coin is changing hands for $3,051.63; however, it is down by 1.27% in the past 24 hours.&nbsp;</p> <img data-entity-type="file" data-entity-uuid="9c8ed099-2a8c-4fd0-8805-c3c638727358" src="https://u.today/sites/default/files/inline-images/ETH_1D_graph_coinmarketcap%20%281%29.jpeg"><a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">ETH 1D Chart. Source: CoinMarketCap</a>
<p dir="ltr">From a low of $2,925.09, Ethereum outwitted the bears to attain its current level, a point that might not hold now. The general market optimism surrounding Ethereum is bearish, with the trading volume down 11.92% to $13,653,971,007.</p>
<h2 id="on-thin-ice">On thin ice</h2>
<p dir="ltr">Ethereum is passing through a major litmus test that might either make or mar its valuation moving forward. While it remains unclear what triggered the shoot-up in the price, the drawdown is explainable.</p>
<p dir="ltr">This is because the United States Securities and Exchange Commission (SEC) plans to designate Ethereum as a security. This is projected as the basis for which the regulator might deny several applications for spot Ethereum ETFs.</p>
<p>The industry is&nbsp;<a href="https://u.today/ethereum-etf-grayscale-boss-optimistic-ahead-of-major-sec-decision" rel="noopener noreferrer nofollow">currently divided</a> on the likely disposition of the U.S. SEC regarding this offering; however, experts’ general consensus is that the approval odds are reasonably down. If the SEC&nbsp;<a href="https://u.today/heres-why-ethereum-etf-could-be-denied" rel="noopener noreferrer nofollow">says no to an Ethereum ETF</a>, it might trigger a ripple effect in a price slump overall.</p>

Ethereum (ETH) Finally Breaks Crucial $3,000 Resistance, What Comes Next?

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