DeFi tokens price action hangs in the balance has Ethereum's sentiment drag performance ahead of ETH ETF deadline.
Like ETH, most DeFi tokens entered a price consolidation ahead of SEC’s decision – Will they break the price range?the meme coin sector for a while. At the time of writing, most DeFi tokens were under price consolidation before the
Uniswap, coupled with SEC’s Wells Notice, also retraced near January lows, effectively erasing most of 2024 gains. The DEX token was back in its 2022–2023 long-term range.A similar weakened market structure was also present on MKR’s higher-timeframe price charts. The DeFi token dropped from $4K and hovered around $2.8K at press time.
However, other DeFi tokens, like AAVE chalked up a bearish flag pattern, which could expose it to about a 20% drop if ETH ETFs are rejected.The bearish pressure on some DeFi tokens could be made worse by the dip in trading volume recorded at press time. CoinMarketCap data revealed that DeFi trading volumeThe negative Weighted Sentiment on ETH at press time could further constrain DeFi tokens’ upside.
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