Ethereum May Break $3,700: BlackRock Bullish on Spot ETH ETFs
Ethereum is stable at press time, moving horizontally, as visible in the daily chart. Even though there are hints that buyers might jump back, driving the coin higher, prices remain flat. Traders can interpret this rejection as a positive show by bulls, especially if there is a convincing close above $3,700.
According to coin trackers, ETH is flat in the past day and trading week. However, trading volume remains high, expanding by 30% to over $20 billion in the past 24 hours. Technically, buyers can cement their position and lead price action. Rising volume might draw demand, rejuvenating optimistic traders.
The following Ethereum news might shape price action in the coming sessions:
- The debate on whether the United States SEC will approve a spot Ethereum ETF continues. Traders are optimistic, expecting the strict agency to proceed. Now, Larry Fink, the CEO of BlackRock, claims the agency can green-light the product even if it is a security.
- To ensure Ethereum staking is decentralized and reliable without validator collusion perpetuating fraud, Vitalik Buterin thinks the network can penalize correlated failures. If multiple validators controlled by the same actor fail all at once, they will receive a bigger penalty.
Ethereum Price Analysis
ETH/USD is moving sideways when writing, trading below $3,600.
Buyers have a chance from a top-down preview in the daily chart.
Even so, sellers are in control in the short term, considering the recent breakout below the middle BB—the dynamic support.
Technically, unless there is a close above the current consolidation, propelling prices above $3,700, ETH might fall.
If bulls take charge, the coin might float to $4,000. Specifically, hopes of the United States SEC approving a spot ETH ETF might fan demand.
In the short term, Ethereum has support at around $3,400. A break below this level might see ETH drop to $3,200, confirming the bear breakout in recent days.
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