Ethereum up 20% in 10 Days: Why Are ETH Bulls Hesitant To Break $3,700?
Ethereum is stable when writing, trending above $3,300. As it is, bulls are upbeat, expecting spot ETF approval to drive demand
Ethereum fell yesterday, slowing down for the second consecutive day, looking at the price action in the daily chart. Still, the uptrend remains, based on technical formation and the fact that fundamental factors are at play. In the short to medium term, buyers are confident that ETH will breach above immediate resistance levels. If that’s the case, the coin could expand to as high as $3,700 in the days ahead before targeting 2024 highs.
Bulls are defiant despite the recent state of price action. So far, Ethereum is stable in the past day but up 10% in the previous week. At the same time, the average trading volume stands at over $15 billion; a drop from early this week. Still, buyers are in command with most hopeful but waiting for fundamental triggers before committing.
Ethereum traders and investors are closely monitoring the following news events:
- As the broader crypto community waits for the United States SEC to approve the first spot Ethereum ETF, some analysts predict that ETH will rally to fresh all-time highs of $8,000. In the last Bull Run, Ethereum rose to nearly $5,000 before plunging to break $1,000 in 2022.
- Grayscale’s Ethereum Trust is now trading at a discount. Before the United States SEC fast-tracked the approval of spot ETFs, institutions got exposure to ETH via this product. It remains to be seen whether this will continue in the days ahead.
Ethereum Price Analysis
ETH/USD is stable in the past 24 hours.
Even so, the coin is up 20% from this month’s low, and prices are in a bullish formation above $3,300.
Technically, as long as prices are still inside the bull bar of July 15, every dip might offer entries for traders targeting $3,700.
This outlook is valid from an effort-versus-result perspective, mainly if losses occur with relatively low trading volume.
Any sharp close below $3,200 will cancel out this bullish preview, questioning the strength of buyers.
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