Key points
- ETH has held above $3,300 despite a decline of less than 1% in its value.
- The leading altcoin could move higher in the short term thanks to rising institutional demand.
ETH remains above $3,300 despite market pullback
Ether (ETH), the second-largest cryptocurrency by market capitalization, has lost less than 1% of its value over the past 24 hours and is trading above $3,300 per coin.
This resilience comes amid growing institutional appetite for Ethereum products. Data from SoSoValue show steady demand for Ether-linked funds. Spot ether ETFs recorded $175 million in net inflows on Wednesday, led by BlackRock’s ETHA and Grayscale’s offerings, extending a gradual recovery in flows after a quiet December.
The market pullback was largely triggered by a setback in the U.S. Senate Banking Committee (SBC), which postponed discussion 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 the crypto and financial sectors, will continue working on the draft.
The delay followed comments from Coinbase CEO Brian Armstrong, who reversed course and argued it is better to have no bill than a bad one.
Armstrong said the proposal would eliminate stablecoin yields, weaken the Commodity Futures Trading Commission’s (CFTC) authority, impose DeFi bans that infringe on privacy rights, and effectively prohibit tokenized stocks.
ETH targets a breakout toward $3,500
The ETH/USD 4-hour chart remains bullish despite the recent market pullback. ETH trades above $3,300 while bulls defend support around $3,288.
The 4-hour MACD stays above its signal line with green histogram bars above zero, reinforcing the bullish case.
An RSI reading of 67 indicates buyers remain in control, and bulls are attempting to break the immediate 200-day EMA resistance at $3,339. A daily candle close above that level could push ETH toward the resistance zone near $3,447, last tested on December 10.
If ETH fails to overcome that resistance, it could retreat toward the psychological $3,000 area.