Ethereum Bulls Eye $3,700 Before Spot ETFs Hit the Market

Ethereum is steady at press time, and trending higher looking at events in the daily chart. Though bulls had to dig themselves out of the pit printed in the earlier Asian session, the uptrend remains. Of importance, prices remain above $3,300, meaning bulls of the past two days are still in control. Ethereum bulls are charged by expectations of spot ETFs. Once the product hits the market in the United States, it will be the second only after Bitcoin.

At press time, Ethereum is up 3% in 24 hours, extending weekly gains to over 13%. As things stand, traders are pouring into ETH reading from participating volume. Thus far, the average trading volume stands at over $19 billion and might continue rising in the coming sessions.

The following Ethereum news events are worth watching in the coming days:

• As Ethereum bulls pour in, traders want to capitalize on price gains. The problem is that the current uptrend is propelled by unusually light liquidity. For this reason, some analysts think the upcoming rally will be “crazier” and take several months. Therefore, the probability of ETH floating to new all-time highs remains high.
• The United States SEC has reportedly given preliminary approval to at least three ETF issuers. For now, this means that the derivative product will hit the market next Tuesday, July 23.

Ethereum Price Analysis

ETH/USD is firmly on an uptrend.

Since Ethereum is above $3,300, traders can consider longs from here.

Technically, the long lower wick of July 16 points to resistance; a net positive.

At the same time, since prices are bullish, aligning with gains of July 14 and 15, buyers have the upper hand from an effort versus result perspective.

Note that Ethereum also closed above the 20-day moving average. Besides, the close of July 15 had a high trading volume, pointing to participation.

As things stand, Ethereum might float to retest $3,700 and later $3,900.

Any dump below $3,200 cancels this outlook.