Ethereum (ETH) was rejected at $2,996 and is currently moving towards the crucial uptrend support level at $2,880.
The 1-hour ETH/USDT chart shows a prolonged down-channel formation.
The recent downtrend in Ethereum’s price can be attributed to the delayed approval of the Ethereum ETF by the SEC.
Ethereum (ETH) recently experienced a setback as it was rejected at the $2,996 mark. The cryptocurrency is now moving towards the crucial uptrend support level at $2,880.
At press time, ETH is trading at $2,902, with a 2.48% decrease over the past 24 hours and a 5.64% drop on a weekly basis. The downtrend that commenced after April 13 has not been successfully reversed thus far.
Despite attempts by buyers to push the price higher, Ethereum has struggled to maintain its position above key moving averages.
The 1-hour ETH/USDT chart clearly illustrates the formation of a prolonged down-channel within the same range, with the price trading below the 50-day and 200-day simple movin
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