Ethereum in a Boring $200 Range: Are ETH Bulls Preparing For a 5X Spike?
Ethereum remains range bound above $3,700. Even amid this, the ETH uptrend remains and one analyst expects prices to 5X
Ethereum is moving horizontally at near Q2 2024 highs at spot rates. Even though the upward momentum is fizzling out, the path of least resistance is northwards. This upbeat preview will be valid unless there is a clear shift in structure. Before then, Ethereum bulls should be looking to break $4,000 and March highs. On the lower end, the zone below $3,300 and $3,700 is a worthy support area to watch.
Ethereum is moving within a tight trade range when writing, and sellers seem to be positioning themselves for a leg down. The consolidation means gains of the last week of May have been replaced with marginal gains. In the past 24 hours alone, Ethereum is flat and even down 2% in the previous week. The choppy price action, in an uptrend, also means most traders are keeping away. On the last day alone, the average trading volume is down to over $11 billion.
The following Ethereum news developments are worth tracking:
- Should the United States SEC approve all S-1 registrations and green-lighting a spot Ethereum ETF this year, analysts think it would be a huge milestone for the second most valuable cryptocurrency. With the passing of the FIT 21, observers believe the United States is moving in the right direction in crypto matters.
- Some analysts think Ethereum could spike by as much as 5X from spot rates in the upcoming bull cycle. The approval of a spot ETF will be incredibly huge.
Ethereum Price Analysis
ETH/USD is moving inside a tight range, as mentioned earlier.
The local resistance is at around $3,950, while support is at $3,700.
Since the bull bar of May 20 defines the current trend, every low should be a loading opportunity.
However, considering the current state of consolidation, traders should wait for a clean break out for confirmation.
A dip below $3,700 will nullify this outlook, allowing sellers to take over in the short term.
Conversely, a confirming, high-volume break above $3,900 may be the base for a retest of $4,100 or better in the sessions to come.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals