Bittime - Ethereum price experienced a significant drop of 14.8% between April 13 and April 14 and has since traded below $3,300. Every time ETH price tests the $3,000 level, buyers step in to strengthen support. However, some traders are still concerned that ETH may not reach $3,500 without a stronger narrative.
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Ethereum Faces Regulatory Uncertainty
Over the past two months, Ether underperformed Bitcoin by 16%, a trend that intensified on April 9 after Jan van Eck, chief investment officer of VanEck investment firm, mentioned that a US request for a spot Ether ETF might be rejected in May.
Van Eck's comments follow a period of inactivity by the US SEC regarding seven pending applications for spot Ether ETFs, as reported by Cointelegraph.
Although Ether is classified as a non-security asset, ongoing disputes between regulators and exchanges are dampening investor enthusiasm for the broader Ethereum ecosystem, including second-layer solutions, decentralized finance (DeFi), and non-fungible token (NFT) markets.
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Recent Developments in Cryptocurrency Regulation in the US
On April 11, Uniswap Labs announced that it was prepared to face potential legal action from the SEC after receiving an enforcement notice.
While not detailing the contents of Wells' notice, Uniswap Labs confirmed that UNI is not a security and that their platform does not meet the definition of a US securities exchange.
Meanwhile, there are changes in the regulatory landscape. Michael Welsh and Joseph Watkins, the SEC's lead attorneys in the case against DEBT Box, resigned on April 22 after a Bloomberg report revealed abuse of power in the case.
In March, Federal Judge Robert J. Shelby jailed the SEC for making false statements and falsification in its lawsuit.The Blockchain Association and the Texas CryptoFreedom Alliance have filed a lawsuit against the SEC in the Northern District of Texas.
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On-Chain Data and Ether Derivatives Show a Different Story
On April 23, the price of Ether rose above $3,200 as demand for Ethereum decentralized applications (DApps) increased. Ethereum's total value locked (TVL) reached its highest level since July 2022 on April 22 at 30.2 million ETH, an increase of 8% from the previous month.
Ethereum TVL growth was driven by platforms such as EigenLayer, Uniswap, Pendle, and Renzo, while Tron blockchain TVL saw a 5% decline in the last 30 days, with JustLend seeing an 11% decline in its deposits.
Traders use ETH's 25% delta skew options to see if they are turning bearish. Between April 9 and April 18, Ether's skew options showed an increase, but reversed on April 19 when ETH traded below $3,000. Currently, the data shows neutral market sentiment with balanced dynamics between buy and sell options.
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Conclusion
Although Ether price has recently struggled to maintain the $3,000 support level, on-chain and derivatives data shows resilience. Nevertheless, it seems premature to anticipate a price surge beyond $3,500, given investors' waning enthusiasm for the prospect of U.S. approval. spot Ethereum ETF.
How To Buy Ethereum (ETH) With Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with ETH IDR pairing.
To be able to buy ETH tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn How to Buy Ethereum (ETH) on Bittime.
Monitor price chart movements of Ethereum (ETH), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Too:
Ethereum Price Has Reached $3200, Can It Rise Again?
Ethereum Price Recovery: Overcoming Obstacles to New Increases
Bitcoin and Ethereum Price Drop Triggered by Grayscale ETF Outflows
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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