BTC Market Showcases Low Volatility Trading, Evidenced by Neutral Candle Formation

On Wednesday, March 12, the crypto market showcased low volatility trading, evidenced by neutral candle formation in Bitcoin. The lack of buying has limited recovery potential

The cryptocurrency market displayed low volatility on Monday, as evidenced by the neutral candle formation in Bitcoin.

Despite the lack of buying, which limited recovery potential in the majority of major altcoins including ETH, the SEC acknowledgment on Franklin Templeton’s Ethereum Exchange-Traded Fund (ETF) staking proposal has sparked renewed interest in ETH.

Key Highlights:

The U.S. Securities and Exchange Commission (SEC) has acknowledged the receipt of Franklin Templeton’s Ethereum Exchange-Traded Fund (ETF) staking proposal.

The news comes as Franklin Templeton aims to introduce staking mechanisms within an Ethereum ETF framework.

If approved, this development could set a new precedent for U.S.-regulated crypto ETFs by integrating staking rewards into fund structures. The move will also increase institutions’ access to Ethereum staking yields, potentially driving further ETH adoption.

The past week saw Ethereum price experience a sharp decline. As of Monday morning, Ethereum price had plummeted to $1,905, marking a 17.8% drop from last week’s high of $2,320.

This downturn also led to a substantial reduction in its market capitalization, which now stands at $230 Billion, compared to last week’s peak of $280 Billion.

The recent downturn saw Ethereum breach the critical $2,100 support level, allowing sellers to strengthen their grip on the market.

Historically, this level has served as a key accumulation zone for buyers, but the breakdown could now flip it into a resistance zone, potentially extending the downward trajectory.

If this bearish outlook holds, Ethereum could decline further by another 20%, testing the next crucial support at $1,500.

However, the latest daily candle formation shows a long-tail rejection at the $1,800 mark, indicating a possible reversal attempt.

Should the price reclaim the newly flipped resistance could signal a resurgence of buying momentum, potentially shifting market control back to the bulls