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Key Insights:
- ETH joined the broader market in positive territory on Sunday, gaining 1.29% to end the day at $1,890.
- However, uncertainty about the SEC approving the spot BTC ETF applications and SEC plans to appeal the SEC v Ripple ruling lingered.
- The shorter-term technical indicators remain bearish, signaling a fall to sub-$1,850.
Ethereum (ETH) rose by 1.29% on Sunday. Reversing a 1.37% loss from Saturday, ETH ended the week down 1.77% to $1,890. Despite the bullish session, ETH wrapped up the day at sub-$1,900 for the sixth consecutive session.
Ethereum Price Action
This morning, ETH was down 0.66% to $1,877. A range-bound start to the day saw ETH rise to an early high of $1,891 before falling to a low of $1,877.
Daily Chart
The Daily Chart showed ETH sitting below the upper level of the $1,895 – $1,865 support band. Support at $1,850 limited the downside on Sunday.
However, ETH held above the 50-day ($1,874) and 200-day EMA ($1,777) EMAs, sending bullish near and longer-term price signals. Notably, the 50-day EMA pulled away from the 200-day EMA, affirming the bullish momentum.
Looking at the 14-Daily RSI, the 48.20 reading signaled a moderately bearish outlook, signaling a fall through the 50-day EMA ($1,874) to bring sub-$1,850 into view. An ETH fall to sub-$1,850 would give the bears a run at the $1,815 – $1,795 support band. However, an ETH move through the upper band of the $1,865 – $1,895 support band would give the bulls a run at $1,950.
4-Hourly Chart
Looking at the 4-Hourly Chart, the ETH/USD faces strong resistance at $1,900. While ETH/USD sat above the lower level of the $1,895 – $1,865 support band, ETH remained below the 50-day ($1,896) and 200-day ($1,885) EMAs, sending bearish near and longer-term price signals.
Significantly, the 50-day EMA narrowed to the 200-day EMA, signaling a fall through the lower level of the $1,895 – $1,865 support band. A fall to sub-$1,850 would bring the $1,815 – $1,795 support band into view. However, a move through the EMAs would give the bulls a run at $1,950.
The 14-4H RSI reading of 42.92 sends bearish ETH price signals, with selling pressure outweighing buying pressure. Significantly, the bearish RSI supports a fall through the lower level of the $1,895 – $1,865 support band to bring the $1,185 – $1,795 support band into view.
SEC Appeal Chatter Provides Support but Leaves ETH at Sub-$1,900
It was a quiet Sunday session, with no crypto events to move the dial. The lack of influence from the news wires left investors to digest SEC plans to appeal the Judge Torres ruling on the Programmatic Sales of XRP.
ETH joined XRP in positive territory on Sunday, with pro-XRP and Amicus Curiae attorney John Deaton giving a positive spin on an SEC appeal. However, nothing is certain. A successful SEC appeal of the Court ruling could also adversely affect ETH alongside the broader crypto market. Earlier this year, SEC Chair Gary Gensler labeled ETH a security.
Staking Statistics Send Bearish Price Signals Again
According to CryptoQuant, staking inflows rose from 39,232 ETH on Saturday to 46,400 on Sunday. While staking inflows increased, inflows remained well below the all-important 100,000 threshold.
The overnight withdrawal profile was bearish, with principal withdrawals at above-normal levels. However, withdrawal projections for the morning session are also bearish. Projections show ETH withdrawals will remain at above-normal withdrawal levels throughout the morning.
On Sunday, the net ETH staking balance stood at a 42,520 ETH surplus ($80.30 million), down 45% over 24 hours. Deposits totaled 53,500 versus withdrawals of 10,980 ETH.
According to TokenUnlocks, total pending withdrawals stood at 31,830 ETH, equivalent to approximately $59.82 million. Notably, the staking APR stood at 5.77%, unchanged over 24 hours. The recent rise in the staking APR is positive, while lower staking inflows are price negative. However, the slide in the staking balance and the withdrawal profile are also bearish price signals.
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