Ethereum News: ETH Briefly Crashes Below $1,800; Recovery and Future Uncertainty

In a volatile turn of events, Ethereum’s price briefly dipped below the $1,800 mark, raising concerns among investors. Here’s a summary of the recent developments and what lies ahead for ETH.

Ethereum ETH Crashes Below $1,800. What’s Next for Ether?

The price of Ethereum (ETH) cryptocurrency briefly crashed below $1,800 on Monday, sparking concern among investors. The crypto market is experiencing a massive sell-off, with several cryptocurrencies crashing in price. ETH has since recovered to above $1,900 but is still down 8% in the past week. The last time Ethereum traded below $1,800 was in October 2023. There is solid support at current levels, which prevented the asset from returning to bear market lows. However, Ether is forming a double-top chart pattern, and analysts have warned that if support is lost, ETH could fall as low as $1,200.

Ethereum Price Forecast and ETF Staking News

Ethereum (ETH) is currently trading at $1,940 and eyes $2,200 resistance. Cboe BZX Exchange has filed a proposed rule change with the SEC to allow staking within Fidelity’s spot Ethereum ETF. Grayscale and 21Shares have also made similar filings. If ETH recovers above $2,200, it could test the $2,850 key resistance. ETH is up 3% following Cboe BZX’s filing.

CBOE Submits Proposal to Allow Staking in Fidelity ETH ETF

The Cboe BZX Exchange has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) seeking permission to include staking features in the Fidelity Ethereum ETH ETF. This move aims to enhance potential investor returns by incorporating staking, signaling a shift toward blending DeFi practices with conventional ETF structures. Staking aims to boost returns beyond typical asset appreciation, reflecting broader industry trends in crypto asset management.

Ethereum (ETH) Risks Falling Below $1,700

Ethereum (ETH) is currently experiencing a persistent downtrend, with the Exponential Moving Averages (EMA) indicating a firmly bearish structure. This suggests that ETH could soon test critical support levels at $1,756 and potentially fall below $1,700 for the first time since October 2023. The Ethereum Relative Strength Index (RSI) is currently at 34.4, recovering slightly after briefly dipping to 27.4. The RSI has remained below the 50 mark for three consecutive days, signaling that bearish momentum is still dominant. Typically, an RSI below 30 signals oversold conditions, implying that selling pressure may be overextended.