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<p>The post <a href="https://coinpedia.org/price-analysis/ethereum-faces-sharp-rejection-around-4k-as-etf-decision-nears-whats-next-for-eth-price/">Ethereum Faces Sharp Rejection Around $4K as ETF Decision Nears: What’s Next for ETH Price?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Ethereum (ETH) saw significant price volatility recently, due to increased anticipation of spot Ethereum ETFs approval in the U.S. This positive news drove a 28% increase in ETH’s price in a week, achieving highs last seen in mid-March. Although the price briefly dipped to approximately $3,700, key indicators suggest this decline is short-lived, with expectations for Ethereum to continue its upward trajectory.</p> 
<h2 class="wp-block-heading" id="h-bullish-traders-face-liquidations">Bullish Traders Face Liquidations</h2> 
<p>One of the most compelling indicators of Ethereum’s potential for future price growth is the rising open interest in ETH futures and trading volume. Data suggests that ETH’s open recorded a 4.3% gain in the last 24 hours, currently at $16.4 billion. Additionally, the trading recorded over 14% gain, surging to $60 billion.</p> 
<p>Read more: <a href="https://coinpedia.org/news/gensler-teases-upcoming-sec-decision-on-ethereum-etfs-heres-what-to-expect/">Gensler Teases Upcoming SEC Decision on Ethereum ETFs: Here’s What To Expect</a></p> 
<p>However, the recent steep decline in the crypto market solidified bearish positions near the $4K milestone. During the early U.S. trading session, Bitcoin (BTC) fell from approximately $70,000 to below $68,000, while the price of Ethereum (ETH), having climbed to its highest level since mid-March at over $3,900 early Thursday, dropped to around $3,700. According to Coinglass, total liquidations exceeded $110 million, with long positions facing liquidations close to $90 million.</p> 
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   <p lang="en" dir="ltr">ETH’s brief and sudden dip below $3800 was likely driven by MEV trading firm Symbolic Capital Partners. The institution sold 6,968 ETH in one minute, worth $27.38 million, with an average selling price of $3,930, according to <a href="https://twitter.com/ai_9684xtpa?ref_src=twsrc%5Etfw">@ai_9684xtpa</a>. One of the transactions sold 3,497 ETH…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1793645325833683166?ref_src=twsrc%5Etfw">May 23, 2024</a>
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<p>The decline could have been triggered by a large ETH sell order from trading firm Symbolic Capital Partner. Blockchain data showed the firm sold 6,968 ETH worth $27.4 million within a minute. Additionally, several whales have become active as their selling pressure continues to increase.</p> 
<p>Ethereum co-founder Jeffrey Wilke moved 10,000 ETH ($37.4 million) to Kraken, possibly to take profits, rebalance his portfolio, or evaluate the trend. This is part of a larger pattern where more ETH is being deposited into exchanges, suggesting a rise in trading and potential market instability. This might strengthen the resistance for Ethereum price, which might trigger more frequent large selloffs.</p> 
<h2 class="wp-block-heading" id="h-what-s-next-for-eth-price-nbsp-nbsp-nbsp">What’s Next For ETH Price?&nbsp;&nbsp;&nbsp;</h2> 
<p>Ether’s price recently neared the $3,950 mark, reflecting a significant upward trend. However, bears strongly defended this level, resulting in a decline toward $3.7K. Despite strong rejection, bulls took control and are aiming for a retest of the psychological mark of $4K. At the time of this report, Ether is trading at $3,802, marking a 1.3% increase in the past 24 hours.&nbsp;</p> 
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<p>The bulls are poised to challenge the $4,100 resistance level ahead of the ETF decision. A positive news might skyrocket the price later. A breakthrough could signal a shift in the long-term market trend, potentially sending the ETH/USDT pair toward the $5,000 level.</p> 
<p>On the other hand, for the bears to regain market control, they must drive the price below the 20-day EMA and breach the critical $3,600 support level. Such a move could trigger a fall to $3,350. However, the likelihood of a downward trend is currently lower due to increasing hope that the SEC will approve the ETH ETF.</p>

Ethereum Faces Sharp Rejection Around $4K as ETF Decision Nears: What’s Next for ETH Price?

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