Ethereum (ETH) experienced a decline in its value this week, with its price currently hovering around $1,552. The cryptocurrency dipped intraday to $1,548 on Wednesday after briefly touching a high of $1,584. Despite this, bulls are striving to maintain the price near the $1,600 mark, indicating a potential for a short-term bullish trend.
The critical support levels for ETH at $1,550 and $1,500 are being tested. If these levels are breached, the cryptocurrency could potentially plummet to $1,375. Meanwhile, the primary resistance for ETH is at $1,750 with a significant target at $1,975.
These price movements come amidst remarkably low transaction fees on the Ethereum network since late 2022. This follows the launch of Ethereum's futures ETFs which failed to replicate the success of Bitcoin's (BTC) ETFs.
In addition to these factors, the potential approval of an ETF by the SEC and overall market sentiment are key influencers of ETH's price. Despite a 24-hour decline of 1.50%, a monthly decrease of 0.79%, and an 11% drop in daily trading volume, the resilience of bulls suggests they could uphold the price near the $1,600 level.
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