Ethereum Facing Stiff Competition from Solana, Traders Aiming $4,000

Ethereum fell on April 10 but bounced back strongly by the day’s close. The bar ended with a long lower wick, suggesting buying pressure at the end of the day. If those gains spill over to today, prices might rise towards $3,500 and even April 8 highs. This development could spark demand, possibly forming the foundation for more gains in future sessions.

At press time, Ethereum remains stable in the past 24 hours. At the same time, it is up 8% in the previous trading week. The drop in early April 10 forced prices lower, impacting sentiment. Currently, the average trading volume on the last day is down 8% to around $15 billion.

In the next few trading sessions, traders should monitor the following Ethereum news events:

• Competition is fierce in the smart contracts field. According to trackers, Solana settled more transactions than the cumulative amount processed by Tron and Ethereum, among others. This development shouldn’t be dismissed since it highlights the increasing role of scalable and low-fee alternatives.
• One analyst on X is confident that Ethereum could soar to as high as $10,000 in the next cycle if prices not only soar above 2024 high of $4,100 and $4,900. The surge will represent a near 3X rally from current rates and roughly 2X from all-time highs.

Ethereum Price Analysis

ETH/USD remains within a bullish formation, looking at price action in the daily chart.

Even though the uptrend remains, bulls will be in control only if prices close above the April 8 highs. The upswing should ideally be fueled by rising trading volume.

This development will confirm buyers of April 8, affirming the presence of demand from an effort-versus-result perspective. In that case, ETH might surge to $4,000.

Conversely, if sellers press on, canceling out gains of April 8, Ethereum might slow down to $3,200.