Ethereum Falling, ETH Bulls Must Keep Prices Above $3,700 To Keep Hope Alive
Ethereum, like Bitcoin, is tracking lower, cooling off from May 2024 highs of around $3,900. If buyers are to take over, there must be a sharp break above $4,100, confirming the bulls of May 20. For now, the uptrend remains, but it is imperative that ETH bulls shore prices above $3,700—a key support level. Any attempt to push higher will be welcomed, possibly priming buyers angling for all-time highs.
As things stand, Ethereum is in red, dropping 2% in the past day and week. Falling prices have negatively impacted sentiment, explaining the contraction in the average trading volume slightly to $16 billion. If buyers of last week are to flow back, Ethereum buyers must soak the current selling pressure and keep prices above $3,700.
The following Ethereum news developments are worth watching:
- Bernstein analysts are upbeat about the future. In their encouraging assessment, they expect the Bitcoin and Ethereum ETF markets to reach $450 billion. In their estimate, crypto ETFS would receive inflows exceeding $100 billion in the next two years alone.
- The Volatility Shares 2x Ether ETF (ETHU) will be the first leveraged ETH ETF in the United States. According to its issuers, the product will begin trading in early June. This launch is roughly a year after a similar product for BTC launched.
Ethereum Price Analysis
There is a clear contraction from this year’s highs, looking at the performance in the daily chart.
Even though the uptrend remains, there are risks that bears will stretch gains.
This means ETH/USD must find solid ground above $3,700.
Any loss, backed by high trading volume, will catalyze a sell-off that may allow aggressive traders to short on attempts higher, targeting $3,500 and $3,300.
Conservative bulls, waiting for trend continuation, can stay on the sidelines until May highs of $3,900 are broken.
In that event, the next target, aligning with bulls of May 20, will be $4,900.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals