Ethereum Firm Above $3,700: Will ETH Follow The Solana Route And 10X?

Ethereum closed bearish for the first time this week. Even though the contraction is normal and expected, traders might consider taking longs on dips. This preview is valid since the general trend is upward, looking at the candlestick arrangement in the daily chart. So far, buyers have the upper end, printing higher as they target fresh Q2 2024 highs. As it is, ETH might pierce $4,000 and March 2024 highs.

After dropping to as low as $2,800 in May, Ethereum is currently up 35% from this month’s low. There could be more room for growth, but this largely depends on sentiment and whether buyers can sustain the rally to spot rates. In the past day, ETH has been mostly stable, up 2% in the past week of trading. At the same time, the average trading volume is decent, standing at over $18 billion.

Traders should closely monitor the following Ethereum news events:

• One analyst still thinks there is far more room for ETH to expand. This is because the United States SEC did a complete turnaround by approving the listing of spot ETH ETFs. Just like Solana took seven months to rally from sub $20 to over $200, the ETH leg up won’t be in one candlestick.
• Richard Heart, the founder of PulseChain, thinks ETH has an edge over BTC. In his assessment, Mt. Gox doesn’t have ETH to dump. For this reason, investors should consider rotating into ETH.

Ethereum Price Analysis

ETH/USD remains in an uptrend, even with prices stalling at around spot rates.

Technically, traders should look to load on dips, expecting further gains above $4,000 and $4,100.

This preview only holds provided Ethereum remains above the local support at $3,700.

Still, even if sellers break below this line, ideal zone of support will expand $400 lower to $3,300. Only dips below this level, reversing all gains of May 20, will nullify the bullish outlook.

In the short term, ETH buyers should target $4,100.

However, any surge above this line will open up the coin to $4,900 and all-time highs.