Ethereum
Ethereum Breakout Imminent: BlackRock and Spot ETH ETFs Will Be Key Drivers
Ethereum continues to move in a tight range, looking at the performance in the daily chart. Even though the uptrend is clear, only afterward did the ETH bulls break through the immediate local resistances at $3,900 and $4,100. Then, prices will likely rise, reaching $4,100 and all-time highs. Nonetheless, the trigger for these high levels will be fundamentally driven, with the ETH ETF spot launch date being an important factor.
For now, Ethereum is moving sideways and possibly accumulating; an opportunity for whales, most of whom are HODLers. As it stands, ETH is stable over the past day and week. There are signs that buyers will take charge since prices are above $3,700. The average trading volume over the past 24 hours is low, at around $13 billion. Going forward, how engagement increases will indicate where traders stand, especially once there is a decisive breakout.
| 🥇 |  |
Read the review | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA | $100 | Visit the broker >> |
| 🥈 |  |
Read the review | FMA, FSA | $50 | Visit the broker >> |
| 🥉 |  |
Read the review | FSCA, CySEC, DFSA, FSA, CMA | $0 | Visit the broker >> |
| 4 |  |
Read the review | CySEC, MISA, FSCA | $5 | Visit the broker >> |
| 5 |  |
Read the review | FCA, CySEC, FSCA, SCB | $100 | Visit the broker >> |
| 6 |  |
Read the review | FCA, FINMA, FSA, ASIC | $0 | Visit the broker >> |
| 7 |  |
Read the review | CySEC, FCA, FSA, FSCA, Labuan FSA | $100 | Visit the broker >> |
| 8 |  |
Read the review | CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA | $10 | Visit the broker >> |
| 9 |  |
Read the review | ASIC, CySEC, FSCA, CMA | $100 | Visit the broker >> |
| ten |  |
Read the review | IFSC, FSCA, ASIC, CySEC | 1 USD | Visit the broker >> |
Buyers are optimistic, but whether or not prices move depends on the following Ethereum news events:
- BlackRock, the asset manager whose product runs on Ethereum, plans to launch TXSE. The NYSE competitor will also run on a Layer 2 platform, resulting in greater reliability. Once it goes live, it will be the country’s first tokenized stock exchange.
- One analyst notes that Ethereum is the king of fees. It continues to generate high revenue for validators while retaining layer 2 fees after Dencun less than a cent.
Ethereum Price Analysis
ETH/USD is one tick away from recording new highs for 2024.
As prices move sideways, all it takes is a slight push above $3,900 recorded over the past few weeks.
As prices move inside an ascending wedge, aggressive and risk-free traders can go for dips, aiming for $4,100, the March 2024 highs.
On the other hand, any decline, supported by increased volume, forcing Ethereum below $3,700 would negate this outlook.
If so, the coin will likely drop to $3,300; deflated hopes.