Key conclusions
- ETH has held above $3,300 despite a market pullback, losing less than 1% of its value.
- The leading altcoin may see further short-term gains amid rising institutional demand.
ETH remains above $3,300 despite market retreat
ETH, the second-largest cryptocurrency by market capitalization, declined by under 1% in the past 24 hours and is trading above $3,300 per token.
This resilience comes alongside growing institutional interest in Ethereum products. Data from SoSoValue show steady demand for Ether-linked funds. Spot ether ETFs recorded net inflows of $175 million on Wednesday, led by products from ETHA and Grayscale/BlackRock, continuing a gradual recovery in flows after a quiet December.
The broader market pullback was largely driven by the U.S. Senate Banking Committee pausing talks on crypto market structure legislation after Coinbase withdrew its support for the latest draft.
Committee Chair Tim Scott issued a statement saying bipartisan leaders, together with participants in the crypto and financial sectors, are continuing to work on the bill.
The delay followed a sharp public rejection from Coinbase CEO Brian Armstrong, who argued it was better to have no bill than a bad one.
Armstrong pointed out that the proposed law would remove incentives for stablecoins, weaken the Commodity Futures Trading Commission’s (CFTC) authority, impose DeFi restrictions that could infringe privacy rights, and effectively ban tokenized equities.
ETH targets a breakout toward $3,500
The 4-hour ETH/USD chart remains constructive despite the current market pullback. ETH is trading above $3,300 while bulls defend support near $3,288.
The MACD on the 4-hour timeframe stays above its signal line, with green histogram bars above zero, supporting the bullish case.
An RSI reading of 67 indicates buyers retain control, with bulls pushing above the immediate resistance at the 200-day EMA, around $3,339. A daily candle close above this level could propel ETH toward the next resistance zone near $3,447, last tested on December 10.
However, failure to clear that resistance might see ETH retreat back toward the psychological $3,000 level.