Ethereum is flat when writing and trading within a tight range, which is evident in the daily chart. Even though buyers expect a breach of key resistance levels, the failure to do so is bearish. So far, ETH has found strong liquidation at $3,700. At the same time, support is at $3,400, marking March 25 lows. Any breakout might guide how prices pan out in the short term.

ETH bulls are confident, but prices remain flat in the daily and weekly charts. The past 24 hours have seen a 35% decrease in trading volume, currently at $13 billion. For the Ethereum uptrend to continue, prices need to break above $3,700, accompanied by a significant increase in trading volume.

The following Ethereum news events might shape price action:

• Fidelity worries that the growing number of Ethereum validator sets will make future upgrades difficult. In a report, the asset manager said the rising number of validators, up 74%, will negatively impact bandwidth. Even so, the network becomes more robust and reliable with more validators.
• Bitwise Asset Management is the latest to file for a spot Ethereum ETF with the United States SEC. More issuers are interested in releasing the product to the public. The United States SEC has yet to release a statement clarifying its classification of ETH.

Ethereum Price Analysis

ETH/USD remains in a bullish formation.

While buyers have a chance, prices have been in a range from mid-March 2024.

Buyers will only take full charge if they push the coin above $3,700, opening the door to $4,000.

On the other hand, losses below $3,400 might cause Ethereum to crash to $3,200. The coin could drop further, falling to $2,600 in that case.