Ethereum is firm when writing, floating above $3,000 but capped below a crucial resistance level. Even though the uptrend remains due to gains in January through March, recent weakness means a correction is not out of the equation. This outlook is even after gains of June 27, primarily due to fundamental factors, mainly the expected launch of spot Ethereum ETFs as early as July 4.

Currently, Ethereum is stable, up roughly 3% on the last day but down 2% on the previous week. What’s interesting is the uptick in trading volume, rising to over $12 billion in the past 24 hours. As the community prepares for spot ETFs, more traders will likely flow in, pushing participation even higher.

Traders are keeping tabs on the Ethereum news today:

• After roughly five weeks, the stringent United States SEC could approve spot Ethereum ETFs as soon as July 4. Once these products are live, one analyst expects prices to rapidly spike, surging by at least 40% in two months. The coin will rally to over $12,000 in two years if this momentum is sustained.
• After raising $18 million, Puffer Finance –a liquidity staking solution on EigenLayer—is partnering with the Ethereum Foundation. The goal is to develop and launch an optimistic roll-up solution, further scaling the mainnet.

Ethereum Price Analysis

ETH/USD is in green, reversing losses of early this week.

Even though more gains are needed today to confirm gains of June 24 dump, traders could look for entries on every dip.

This shift in outlook is due to fundamental developments, especially the launch of spot ETFs in early July 2024.

Conservative traders can also wait for a clean break of $3,700 before loading up, targeting $3,900 and $4,100.

Conversely, if sentiment shifts and prices tank, this preview will be invalidated, opening up Ethereum to a retest of $2,800.