Ethereum Firm: Will Sony’s Endorsement Pump ETH To $4,000?
Ethereum is picking up momentum though there must be more gains, especially above $3,700 for the uptrend to be sustained
Ethereum is printing higher highs, although the pace is slower. Presently, buyers are in control, aligning with the gains of May 20. Nonetheless, the uptrend will be valid should there be a conclusive close above the descending channel and bull flag. The failure of sellers to press on and close below $3,000, effectively reversing all May 20 gains, means the pullback was but a normal correction from 2024 highs.
At press time, Ethereum is stable, down 2% on the last day but up 3% in the previous week. With prices rising, the average trading level remains low, at just $10 billion. Since engagement is critical, this figure needs to increase for bulls to build on recent gains and even break above $3,700. Without participation, ETH will likely continue being choppy, even falling and aligning with the trend set in motion in June.
Traders are keeping tabs on the following trending Ethereum news:
- Sony is launching a crypto exchange and plans to develop an Ethereum layer-2. Increasingly, more projects are on Ethereum, following the endorsement from BlackRock and Visa.
- One analyst, pointing to on-chain data, thinks Solana is helping on-board more people and is not cannibalizing Ethereum as many think. The popularity of Solana has seen Ethereum and Layer-2s addresses grow by over 570% in the last two years.
Ethereum Price Analysis
ETH/USD is firm when writing.
Since bears didn’t wipe gains of May 20, falling to the 61.8% Fibonacci level of the May trade range, the uptrend remains.
Accordingly, aggressive bulls can look to stack on dips targeting $4,100 as long as Ethereum prices remain above $3,300—or June lows.
Even so, caution must remain. Any breach of this line opens up ETH to more losses, possibly to $3,000.
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