Ethereum Price Muted Below $4,000 After Dencun: Sell The News Event?

Ethereum price is tethering close to $4,000. Even though the uptrend remains, there are hints of weakness, looking at price action on the last day. So far, the coin is down 2% on the last day but is up 6% over the previous week.

At spot valuation, ETH bulls are still optimistic. However, trading metrics are bleak. To illustrate, the coin’s market cap is down 1.5% to $478 billion in the last day. At the same time, it appears that trading activity is muted, and it is down to $22 billion, shrinking by 15%. Still, interest remains, but whether the coin will break higher in the sessions ahead depends on fundamental activities.

Traders are watching out for these Ethereum news events:

• Dencun is now live on Ethereum. One of the key additions in this hard fork is EIP-4844 which introduces “proto-danksharding” via “Blobs”. With blobs, layer-2 platforms will benefit from even lower transaction fees. However, eight other EIPs went live in Dencun, making it one of the most prominent hard forks in Ethereum.
• Coinbase has also secured the interest of its users after integrating the Blockaid security tool. The exchange said changes were made five months ago, preventing over 475 million worth of funds from being stolen.

Ethereum Price Analysis

The optimism around Dencun isn’t impacting ETH/USD prices, at least looking from events in the daily chart.

ETH prices remain flat, oscillating below March 11 highs of around $4,090. Since prices are still inside the bullish bar of March 11, buyers have a chance from an effort-versus-result perspective. 

However, there must be sharp gains above $4,100 for trend continuation.

Support lies at around $3,700 and $3,800.

From the current price action, traders can wait for a comprehensive close in either direction before committing. 

If buyers take charge, ETH may float to as high as $4,500.