Ethereum Targeting $3,700 despite Blow from the U.S. SEC
Ethereum is firm and printing higher highs despite the SEC postponing ruling on a spot ETH ETF application by Franklin Templeton
Ethereum bulls might be aiming for $5,000 in the medium term, but price action in the daily chart shows that they are struggling. At spot rates, ETH is stable but trending below $3,300 and $3,700. These are immediate resistance levels that traders are closely monitoring. For the uptrend to continue, they must be decisively broken, helping shake out sellers of April 13. In that case, the bear breakout formation the coin currently finds itself in will be nullified. Before then, optimism is high but ETH bears remain in charge.
When writing, Ethereum is stable on the last day, adding 3%. At the same time, the coin is up 6% in the previous trading week. Despite the general confidence, traders must flow in, injecting momentum. Looking at coin trackers, the average trading volume in the previous day is muted at just $11.3 billion, down 7%. At this level, it remains below average versus those registered in March when the coin roared to $4,090.
Amid concern about dwindling participation and cautious traders, the following Ethereum news events are worth watching:
- Yesterday, the United States SEC delayed the decision on Franklin Templeton’s spot Ethereum ETF application. With this, the focus will be on what the regulator decides on similar applications made by, among others, BlackRock in May. Still, rulings will likely be postponed to Q4 2024.
- Standard Chartered remains bullish on Ethereum, expecting prices to reach $8,000 by the end of the year. While lofty, ETH, unlike Bitcoin, is yet to break its 2021 all-time highs. As such, the possibility of the coin roaring to fresh highs, even towards $10,000, cannot be dismissed.
Ethereum Price Analysis
There are a series of higher highs on the ETH/USD chart.
While impressive, the coin remains inside the April 13 bar with caps at $3,300.
A break above the middle BB and $3,300 might trigger more engagement, lifting the coin to $3,700.
Conversely, should bears take over, wiping out gains from April 20, ETH could tumble to April 2024 lows of around $2,900.
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