Ethereum Breakout Imminent: BlackRock, Spot ETH ETFs Will Be Key Drivers

Ethereum continues to move within a narrow range, looking at the performance in the daily chart. Even though the uptrend is clear, it is only after ETH bulls break immediate local resistances at $3,900 and $4,100. Then, prices will likely expand, rallying to as high as $4,100 and all-time highs. Still, the trigger to these lofty levels will be fundamentally driven, with the spot ETH ETF launch date a big factor.

For now, Ethereum is moving sideways and possibly accumulating; an opportunity for whales—most of whom are HODLers. As things stand, ETH is flat in the last day and week. There are signs that buyers will take charge since prices are above $3,700. The average trading volume in the past 24 hours is low, at around $13 billion. Going forward, how engagement swells will hint at where traders stand, especially once there is a decisive breakout.

Buyers are upbeat, but whether prices move or not depends on the following Ethereum news events:

• BlackRock, the asset manager with a product running on Ethereum, plans to launch TXSE. The NYSE competitor will also run on a layer-2 platform, translating to higher reliability. Once it goes live, this will be the first tokenized securities exchange in the country.
• One analyst notes that Ethereum is a fee king. It continues to rake in high revenue for validators while keeping layer-2 fees after Dencun to less than a cent.

Ethereum Price Analysis

ETH/USD is one tick away from registering fresh 2024 highs.

While prices move sideways, all that’s needed is a slight push above $3,900 registered in the past few weeks.

As prices move inside a rising wedge, aggressive, risk-off traders can load on dips, targeting $4,100—or March 2024 highs.

On the other hand, any dip, backed by rising volume, forcing Ethereum below $3,700 will nullify this outlook.

If that’s the case, the coin will likely slump to $3,300; deflating hopes.