Ethereum fails to recover from market dump following Gensler's uncertainty over ETH commodity status

Ethereum will host traditional market participants' tokenization efforts as they look to avoid liquidity fragmentation. SEC Chair Gensler maintains uncertain position when asked if ETH is a commodity. Ethereum may sustain range-bound movement in the short term. Ethereum's price failed to record any gain on Friday, as it's down by about 1.4%.

ETH technical analysis: Ethereum may sustain range-bound move Ethereum is trading around $3,417 on Friday as it has yet to recover from losses experienced in the last 24 hours. As stated in a previous analysis, in the short term, ETH may not see any substantial price action, but traders expect higher volatility in the coming months. However, QCP analysts noted that higher Ether volatility premiums over Bitcoin will eventually decline as the market prices in spot ETH ETF S-1 approval.

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