Ether faces subdued demand as investors’ expectations of a spot ETH ETF approval continue to slump.
Ether (ETH) experienced a significant drop of 14.8% between April 13 and April 14 and has since been trading below $3,300. Each time the price of ETH tested the $3,000 level, buyers intervened, strengthening the support. However, some traders remain concerned that ETH might not reclaim $3,500 without a stronger narrative.
Analyst DeFiSurfer808 suggests that Ether’s price weakness compared to Bitcoin (BTC) stems from a lack of fresh fundamentals, as the Ethereum native token lacks “some new narrative and flows.”
Over the past two months, Ether underperformed Bitcoin by 16%, a trend that intensified on April 9 after Jan van Eck, the chief investment officer of VanEck investment firm, mentioned that U.S. requests for a spot Ether ETF might be rejected in May. Van Eck’s comments follow a period of inaction by the U.S. SEC concerning seven pending applications for spot Ether ETFs, as reported by Cointelegraph.