Ethereum faces challenges as it struggles to go beyond $3,000 amidst market difficulties. Technical indicators hint at possible major price shifts, while industry experts predict rejection of Ethereum ETF applications by the SEC.

Ethereum, the leading altcoin by market value, has recently dropped back to $3,000, missing an expected surge. Market sentiments are impacted by negative statements from Federal Reserve members amid increasing unemployment rates, signaling a pause in the decline of inflation rates.

The recent decline in Ethereum, known as the "king of altcoins," is viewed as part of a correction within the "selling zone." Chart patterns indicate this area is defined by the descending trend line resistance and Ethereum's 50-day exponential moving average. Similar patterns are observed in other altcoins, which, together with Ethereum predictions, offer insights into the broader altcoin market performance.

Despite recent setbacks, a falling wedge formation in Ethereum prevents complete despair for bullish investors. This pattern, characterized by converging downward trend lines, could lead to substantial bullish breakthroughs once the price breaks above the upper trend line.

As we approach the end of May, it is speculated that the SEC will likely deny the applications for an ETH ETF. Recent legal actions probing ties between the Ethereum Foundation and network companies, coupled with regulatory challenges faced by platforms like Robinhood and Uniswap, have further hardened the possibility of an ETF rejection. The anticipated denial has already cast a shadow over the current price level, making it crucial to monitor developments leading up to the end of May for any potential bullish scenarios to unfold.