Ethereum Generated Over $1 Billion In Q1 2024: Will Bears Take ETH To $3,300?

Ethereum is moving horizontally, but there is a big change. After yesterday’s close, Ethereum prices fell below $3,700—a key support level. This development means there was confirmation of the June 6 bear bar, and the odds of ETH dropping are high. Still, bulls are confident since the uptrend remains, at least for now, looking at the formation in the daily chart. Any confirmation of yesterday’s bar will pour cold water on the gains of May 20, dragging bulls.

At press time, sellers are in control. As Ethereum is trading below $3,700, there could be more sell-offs. In the past day, the coin is down 3%, pushing weekly losses to over 6%. At the same time, the average trading volume is above $15 billion.

Ethereum daily chart for June 11

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In the sessions ahead, traders should be closely monitoring the following Ethereum news events:

  • In Q1 2024, when ETH prices soared to as high as $4,100, the network generated more revenue than Robinhood and Reddit. At slightly over $1 billion, Ethereum trailed, among others, Lyft and Airbnb.
  • As the crypto world prepares for the first spot Ethereum ETF, one analyst thinks the product will likely capture up to 20% of the current inflows going into the Bitcoin product.  Even so, much depends on the clarification surrounding ETH staking, a feature that the United States SEC doesn’t want spot ETF issuers to engage in.

Ethereum Price Analysis

ETH/USD is under pressure when writing.

Bears are in control, extending losses posted after the breakout below $3,700.

Since there is a clean break out from the weekend range, forcing prices below June 10 lows, the dump could accelerate, as evident earlier today.

Looking at price action, ETH bears should target $3,500 and $3,300.

This preview will only change once Ethereum prices (unlikely) explode above $3,900. This is the last barrier that must be broken for ETH to retest 2021 highs.

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Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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