Ethereum
Ethereum Sheds Sellers: Is ETH Preparing to Surpass $4,100?
Ethereum is firm as of writing, floating above $3,000 but capped below a crucial resistance level. Although the uptrend remains driven by gains recorded between January and March, recent weakness means a correction is not out of the question. This outlook is even after the gains on June 27, mainly due to fundamental factors, mainly the expected launch of the Ethereum spot. AND F from July 4.
Currently, Ethereum is flat, up about 3% in the last day but down 2% from the previous week. What’s interesting is the rise trading volumereaching over $12 billion in the last 24 hours. As the community prepares for cash ETFs, more traders will likely flock in, pushing participation even higher.
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Traders are keeping an eye on Ethereum news today:
- After about five weeks, the rigorous measures United States SEC could approve Ethereum spot ETFs as early as July 4. Once these products go live, one analyst expects prices to surge rapidly, increasing by at least 40% in two months. The coin will reach over $12,000 in two years if this momentum continues.
- After raising $18 million, Puffer Finance – a liquidity staking solution on EigenLayer – is partnering with the Ethereum Foundation. The goal is to develop and launch an optimistic deployment solution, further scaling the mainnet.
Ethereum Price Analysis
ETH/USD is in green, reversing losses from earlier this week.
Although additional gains are needed today to confirm the gains from the June 24 dump, traders could look for entries at each dip.
This change in perspective is due to fundamental developments, notably the launch of spot ETFs at the beginning of July 2024.
Conservative traders can also wait for a clear break of $3,700 before loading up, targeting $3,900 and $4,100.
Conversely, if sentiment changes and prices fall, this insight will be invalidated, opening Ethereum to a retest of $2,800.