Key Takeaways
- ETH has held above $3,300 despite a small pullback of under 1%.
- The leading altcoin may rally higher soon amid rising institutional demand.
ETH remains above $3,300 despite market pullback
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has declined by less than 1% in the past 24 hours and is trading above $3,300 per coin.
This stability comes even as institutional interest in Ethereum products has been growing. Data from SoSoValue shows steady demand for Ether-related funds. Spot ETH ETFs recorded net inflows of $175 million on Wednesday, led by products from ETHA and Grayscale BlackRock, extending a gradual recovery in flows after a quiet December.
The broader market pullback was mainly driven by the U.S. Senate Banking Committee (SBC) postponing further consideration of a crypto market-structure bill after Coinbase withdrew its support for the latest draft.
Committee chair Tim Scott said in an official statement that bipartisan leaders, together with stakeholders from the crypto and financial sectors, are continuing to refine the draft.
The delay followed Coinbase CEO Brian Armstrong’s sudden opposition to the approach, saying he would rather have no bill than a bad one.
Armstrong argued the bill would eliminate stablecoin rewards, weaken the Commodity Futures Trading Commission’s (CFTC) authority, impose DeFi restrictions that infringe on privacy rights, and effectively ban tokenized equities.
ETH eyes breakout toward $3,500
The 4-hour ETH/USD chart remains bullish despite the current market setback. ETH is trading above $3,300 as buyers defend support near $3,288.
The MACD on the 4-hour timeframe remains above its signal line, with green histogram bars above zero expanding, supporting the bullish case.
An RSI reading of 67 indicates buyers still control momentum, and bulls have pushed above the 200-day EMA resistance at $3,339. A daily close above this level could send ETH toward resistance around $3,447, last tested on December 10.
Conversely, failure to clear that resistance could see ETH retrace back toward the psychologically important $3,000 zone.