Despite the imminent launch of Ether’s spot exchange-traded funds (ETFs) in the United States, the price has remained below $3,750 for the past three days. Some attribute ETH’s lack of bullish momentum to the uncertainty surrounding the timeline for the individual S-1 fund filing approvals by the regulator. As indicated by derivatives metrics, Ether investors’ optimism has dropped to its lowest point in three weeks.
At the time of writing, ETH was trading at $3,602.
ETH after giving a breakout above the ‘Descending Triangle’ pattern, rallied up to $3,977. However, the bulls failed to cross the psychological level of $4,000 and started to trade in a range between $3,900 to $3,700 with declining volumes. The asset has broken the range on the downside but with low volumes and made an intraday low of $3,567. ETH has a strong support at $3,450 whereas $3,700 will now act as a resistance for the asset.
