In the past 24 hours, Ethereum's price has dropped 2% to $2,635. This is due to the U.S. Securities and Exchange Commission's (SEC) decision to delay the approval of Ethereum ETF options trading by BlackRock.
Ethereum Price Decline
The SEC announced the postponement of the decision on BlackRock's iShares Ethereum Trust. The decision is expected by April 9, 2025, which led to a price drop amid increased trading volume.
Ethereum Price Chart Analysis
Although Ethereum is correcting in the short term, it remains in a long-term upward trend. ETH price is testing a key support level near the 200-day Simple Moving Average ($2,481.78).
Ethereum Price Forecast
If ETH holds above the 200-day SMA and reclaims the 50-day SMA, the next resistance would be $4,868. A breakout above could push the price towards $7,500.
Ethereum's next major move depends on its ability to hold key support and break through resistance levels. Investors are watching market developments closely.
