Ethereum Ready To Rocket: ETF Approval The Catalyst For $4,000
Ethereum is firm at spot rates, looking at the daily chart. However, ETH prices might fly to over $4,000 after spot ETF approvals
Ethereum is steady, but the bulls are not as robust as expected. Earlier today, ETH prices fell, though the upside remains for now. Overall, the coin remains within a bullish breakout formation after the gains of July 15. After the bull bar, there have been generally “weak” follow-through, as seen in the daily chart. Even so, there must be a sharp close above $3,700 and $4,100 for buyers to be in fresh 2024 territory, breaking out from the current chop.
Buyers are confident of what lies ahead. However, Ethereum is choppy, moving sideways despite expectations of spot ETFs hitting the market this week. As things stand, Ethereum is stable on the last day and up roughly 4% in the previous week. Additionally, participation is low, nearly half of what was registered when prices tore higher last week. Over $15 billion of ETH was traded on the last day.
The following trending Ethereum news events are worth watching:
- According to Google Trends, a tool analysts use to gauge interest, interest in Ethereum is rising. Over the past few weeks, more people appear to be searching for the term “Ethereum” signaling interest. During this time, prices have been ticking higher.
- Some analysts predict ETH to fly to as high as $4,000 this week once all spot ETFs are approved and permitted for trading. Before then, aggressive optimists might consider accumulating before the expected lift-off.
Ethereum Price Analysis
ETH/USD is firm at press time, looking at the formation in the daily chart.
Even though the uptrend remains, conservative traders might look to hold off for now.
Every low above $3,300 may present opportunities for aggressive traders to buy on dips.
The immediate target would be $3,700 and $3,900.
However, if there is a sharp close above $3,700, preferably with rising volume, ETH might fly to 2024 highs of $4,100.
There will be concerns should there be losses below $3,300, unwinding recent gains and nullifying the breakout of July 15.
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