The recent ruling by an Indian court regarding crypto trading has generated significant interest amidst ongoing discussions concerning the regulatory landscape of cryptocurrency.

Ethereum's price remains below the $3.6K threshold, exhibiting a 7.56% decline in the previous week. The daily trading volume of the primary altcoin has also decreased by 18.64% within a 24-hour timeframe.

Chairman of the U.S. SEC, Gary Gensler's recent discussion on the potential approval of a spot Ethereum ETF by September has elicited speculation within the cryptocurrency community regarding Ethereum's price momentum.

The past week witnessed a noticeable upsurge in demand for Ethereum, highlighted by the acquisition of 298,000 ETH by long-term holders in a single day. This marked the second-highest daily purchase volume in history, following the peak on September 11 last year when 317,000 ETH were bought.

Despite these developments, significant bullish corrections have yet to manifest in the altcoin's price. Ethereum market participants, comprising both bulls and bears, are engaged in a battle to surpass the $3K threshold and reach a new high of $4K. Currently, the coin is valued at $3,512, reflecting a slight 0.45% increase in the previous 24 hours. The daily trading volume, which fell by 18.64%, is reported at $13 billion.

ETH's price has remained within the $3.5K to $3.6K range. While recording a 7.50% drop over the last week, it has experienced a significant 21.36% surge in the past month. The daily relative strength index (RSI) stands at 45.20, indicating Ethereum's approach towards the neutral zone.

In the recent 24-hour period, around 110,536 ETH valued at $389 million were transferred from wallets to exchanges, according to data from Whale Alert.

Analysis of ETH's daily price chart reveals key resistance levels at $3,695 and $3,750, with potential advancements towards $3,810 and the coveted $4K mark in an upward trend. Conversely, in the event of a bearish turn, Ethereum's price may retreat to $3,440 and further down to support levels at $3,325 and $3,290 in a more pronounced bearish scenario.

Highlighted News of the Day: An Indian court's positive decree on crypto trading amidst the ongoing regulatory conversations.