Ethereum Backtracks after Failing to Set New 2023 Highs
ETH/USD Analysis
The popular altcoin is having a great month and managed to clinch fresh 2023 highs after BlackRock registered for an Ethereum Trust. Progressing with its plans, the company last week filed for a spot Ethereum ETF [1], with markets being optimistic that the SEC will approve such products. ETH/USD is also helped by a string of US data that have raised the bar for further tightening by the Fed and have bolstered market expectation around the timing of rate cuts, weighing on the greenback. The advance has brought 2,475 in the spotlight, but does not yet inspire confidence for tackling them.
On the other hand, the industry still faces an adverse regulatory environment in the US, while the Fed may still need to do more to restore price stability. Furthermore, ETH/USD slides today after failing to set new 2023 high, which exposes it to the critical EMA200 (at around 1,895). Daily closes below it would pause the upside momentum, although sustained weakness that could threaten 1,517 has a high degree of difficulty under current conditions. In any case, the next leg of the move will likely be shaped by key incoming US releases, including Thursday's PCE inflation.
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
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| Retrieved 17 May 2026 https://www.sec.gov/Archives/edgar/data/2000638/000143774923032233/iset20231114_s1.htm |
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