Ethereum (ETH) remains in the spotlight of the global crypto market. After briefly surpassing the US$4,000 level, ETH is now facing pressure around the resistance area of US$4,100. Amid this situation, a positive development emerged as VanEck filed for the first staked ETH (stETH)-based ETF through Lido Finance—an innovation that could broaden institutional investors’ access to the Ethereum ecosystem.
Price Pressure and Market Sentiment
VanEck’s staking ETF is seen as a significant step toward Ethereum’s adoption in traditional finance. However, the market remains uncertain. Based on technical analysis, indicators such as RSI and MACD still show ongoing selling pressure. If ETH fails to hold the support level around US$3,800, the potential for a decline toward the US$3,500 range remains open.
Even so, there is still room for recovery. Should the staking ETF receive regulatory approval, it could serve as a positive catalyst for the market and further strengthen Ethereum’s position as a leading digital asset in the decentralized finance (DeFi) ecosystem.
Ecosystem Dynamics and Internal Challenges
Beyond price pressure, Ethereum also faces challenges within its community and collaboration efforts. Sandeep Nailwal, co-founder of Polygon, criticized the Ethereum community for not giving enough recognition to Layer-2 projects like Polygon. He emphasized that stronger cooperation between projects is essential for sustainable growth within the Ethereum ecosystem.
Meanwhile, on-chain analysis indicates the emergence of a “death cross” pattern in the MVRV (Market Value to Realized Value) ratio. This pattern previously preceded a significant price drop in ETH. While it is not always a definite signal, it suggests that crypto market volatility remains high, reminding participants to remain cautious in making investment decisions.
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