Ethereum
Ethereum Gets Rid of 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 4th.
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 come online, one analyst expects prices to climb quickly, increasing 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, partners with the Ethereum Foundation. The objective is to develop and launch an optimistic roll-up solution, allowing the main network to further evolve.
Ethereum Price Analysis
ETH/USD is in green, reversing losses from earlier this week.
Although more gains are needed today to confirm the gains from June 24, traders could look for entries at each dip.
This change in perspective is explained by fundamental developments, notably the launch of spot ETFs in early July 2024.
Conservative traders can also wait for a clear breakout of $3,700 before charging in, targeting $3,900 and $4,100.
Conversely, if sentiment changes and prices fall, this insight will be invalidated, opening Ethereum up to a retest of $2,800.