Ether holds price above $3,300, eyes open to $3,500
Key receivers
ETH lost less than 1%, but kept its price above $3,300.
As institutional interest grows, the leading altcoin may rise in the near term.
Despite market volatility, ETH remains above $3,300
ETH, the second largest by market value, has lost less than 1% in value over the past 24 hours and is now trading above $3,300 per coin.
This performance comes despite growing institutional demand for Ethereum products. According to data from SoSoValue, Ether-linked currencies have shown steady demand. Spot Ether ETFs recorded net inflows of $175 million on Wednesday, led by BlackRock's ETHA and Grayscale products, extending a gradual recovery in flows after a quiet December.
The market jitters were mainly caused by the US Senate Banking Committee (SBC) pushing back on discussing crypto market-structure legislation after Coinbase withdrew its support for the latest bill.
The chairman of the committee, Tim Scott, said in an official statement that the bipartisan leaders continue to work on the draft alongside the crypto and financial sectors.
The extension comes after Coinbase CEO Brian Armstrong abruptly protested the move, saying it's better to have no account than a bad account.
Armstrong pointed out that the bill would kill stablecoin rewards, erode the authority of the Commodity Futures Trading Commission (CFTC), enforce DeFi bans that violate privacy rights, and impose a ban on tokenized shares.
ETH eyes a break of $3,500
The 4-hour chart of ETH/USD is bullish despite the current market volatility. The bulls defended the support level at $3,288 while ETH traded above $3,300.
The MACD indicator on the 4-hour chart remains above the signal line, with green histogram bars above the zero line, expanding in support of the bullish thesis.
The 67 RSI shows that buyers are in control, with the bulls immediately breaking above the 200-day EMA resistance at $3,339. A daily candle above this level could see ETH rise to the resistance zone at $3,447 tested on December 10th.
However, failure to overcome this resistance level could see ETH move back to the $3,000 psychological zone.
