Ethereum [ETH]’s price action continues to stir attention as whale activity intensifies. A notable $12.6 million 5x long position recently entered the market, showing that some big players remain bullish. This, despite ETH’s structural breakdown on the charts.
In fact, Ethereum lost its EQoS support at $1,800 and at press time, was trading at $1,642.60. Its price shift has traders eyeing $1,600 as the next crucial support zone.
On the 4-hour chart, Ethereum failed to hold above its BOS level, triggering a series of lower highs and a CHoCH, suggesting trend weakness. However, Ethereum managed to bounce off the $1,600-range, hinting that buyers are not entirely out of the picture.
Therefore, this zone could act as a short-term accumulation area unless sellers force a drop towards $1,400. With the price trapped in a narrow range, the market could wait for a confirmation of the next directional move.
Can delayed ETF approval ignite Ethereum’s next bull run?
The SEC has delayed its ruling on Grayscale’s proposal to include Ethereum staking rewards in ETFs. No rejections have surfaced yet, only silence. However, this delay stretches the uncertainty until 1 June, leaving room for speculation.
If approved, the impact could be transformative – Higher staking yields, greater institutional flows, and stronger long-term investor confidence.
Additionally, Ethereum’s broader narrative has been gaining strength. Former ETH developer Eric Connor recently emphasized Ethereum’s potential role in solving AI-related issues, including transparency and decentralization.
He argued that Ethereum’s smart contracts offer a verifiable and ethical foundation for AI systems, reinforcing the asset’s utility beyond speculation. Therefore, social sentiment surrounding ETH is gradually shifting towards innovation and real-world use cases.
Ethereum indicators point to relief, but can bulls seize control?
On the daily chart, Ethereum seemed to be stuck in a downtrend, but was showing subtle signs of potential recovery. The asset has been trading between its 9-day and 21-day moving averages, with resistance near $1,732 and support at $1,587.41.
This dynamic will keep traders cautious as ETH tries to reclaim momentum. However, the price consolidating may act as a launchpad if bulls capitalize on ETH’s upcoming catalysts.
Meanwhile, the Stochastic RSI climbed to 93.89 and 90.49, signaling overbought conditions. Although this typically precedes a pullback, it may also suggest that bullish momentum is building.
Therefore, traders should remain alert for a breakout—or breakdown—especially with ETF news and macro trends in play.
Conclusion
Ethereum finds itself at a technical and narrative crossroads. On one hand, whales are betting big and ETF speculation looms large. On the other, the price structure has broken down and $1,600 is being retested.
Therefore, the next few days could be critical for Ethereum’s next big move. If bulls defend current levels and catalysts align, Ethereum may soon ignite a powerful rally. The Importance of Practicing Gratitude Daily
Practicing gratitude is a simple yet powerful way to improve our mental, emotional, and physical well-being. By acknowledging and appreciating the good things in our lives, we can shift our focus from what we lack to what we have, leading to increased happiness, resilience, and overall life satisfaction. It is a practice that can be easily incorporated into our daily routine and has the potential to bring about profound changes in our outlook on life.
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In conclusion, practicing gratitude daily is a powerful tool for enhancing our overall quality of life. By focusing on the good things in our lives and expressing our appreciation for them, we can cultivate a positive mindset, improve our mental and physical health, and strengthen our relationships with others. So, why not start incorporating gratitude into your daily routine today and reap the many benefits it has to offer?