The Ethereum price has plunged 1.8% in the last 24 hours to trade at $3004 as of 6:55 a.m. EST on a 24% surge in trading volume to $19.6 billion.
Despite the drop, Ryan Berckmans, a prominent member of the Ethereum community and experienced investor, describes a draft bill on stablecoins in the US as “extremely bullish” for Ethereum.
🚨New stablecoin bill draft🚨
My initial read is that the bill is extremely bullish and legitimizes Ethereum.
Disclaimer: I'm not a lawyer or regulatory expert. I read through chunks of the new bill[1] and analyzed it with GPT4. Analyze it yourself[2]
TL;DR
– Ethereum wins big…— Ryan Berckmans ryanb.eth (@ryanberckmans) April 17, 2024
Berckmans said the bill could help legitimize Ethereum because some stablecoins are minted on its platform.
Ethereum’s price has fallen from its peak at $3718 to a support level of $2956, where it’s holding steady now. Although the bulls have been trying to push the price back up, the bears have shown strength, pushing the price down again. This has created a pattern that looks like a double bottom, suggesting a potential turnaround toward a bullish trend.
ETHUSDT Analysis. Source:Tradingview.com
The Ethereum price is on the rise, bouncing back from the double bottom pattern. Right now, it’s trading below the 50 and 200 simple moving averages (SMAs), but the bulls are trying to push it past these levels to start a rally.
The relative strength index (RSI) is also showing positive signs, trending upwards from the oversold level of 30 towards the midline level of 50. If this momentum continues, the RSI could enter the overbought territory, indicating that buyers are exerting significant pressure.
The double-bottom pattern has given the bulls a chance to initiate a rally. The fact that the price is holding steady around the support trendline of the pattern shows that the bulls are hanging tough, giving them a chance to gather momentum and push the price back up to reach the April 9 high of $3800.
On the flip side, if the support zone starts to falter, the bears could seize control, causing the price to drop to the $2700 support level.
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