Ethereum Turning Around On Spot ETF News: Time to Load Up After Dip to $3,300?

Ethereum appears to be turning the corner. Despite bulls being unable to breach $3,700, the candlestick performance in the daily chart shows that momentum is shifting. Ethereum is in green when writing, expanding sharply during the late Asian session. At the same time, the candlestick arrangement seems to favor buyers. For instance, the June 14 bar has a long lower wick, pointing to demand in the late hours of the NY session.

Thus far, Ethereum is stable in the last trading day. Though losses of the previous week of trading remain, with ETH down 5%, bulls could be preparing to push higher. The expansion of prices, nonetheless, didn’t spark the much needed demand, looking at the average trading volume. Thus far, this stands at over $16 billion.

The following Ethereum news developments are worth watching:

• At the moment, all attention is on spot Ethereum ETFs. Recently, the United States SEC’s chair, Gary Gensler, said the product will likely launch during the summer. However, looking at the series of events yesterday, analysts said the product could go live even in early July.
• Despite Ethereum being the most active layer-1 platform, hosting the most protocols, it faces multiple problems. At the top of the list are developer centralization and emerging fragmentation concerns due to the proliferation of layer-2 solutions like Base.

Ethereum Price Analysis

ETH/USD is firm when writing and stable on the last trading day.

Even though the downtrend is valid, in that Ethereum bulls are yet to breach $3,700, there are hints of strength.

Due to favorable fundamentals, how prices pan out over the weekend will shape the short-term trajectory.

If prices hold above $3,300 over the weekend, and there is a conclusive rewinding of June 11 losses, ETH bulls have a chance.

A close above $3,700 would mark $3,300 as a key support, setting another welcomed leg up towards $4,100 in motion.