Ethereum (ETH) Price Analysis:
Ethereum has been in the spotlight, with the spot Ethereum ETF debuting with $107 million in inflows and over $1 billion in trading volume, with most ETFs trending upward. By comparison, the spot Bitcoin ETF saw $4.5 billion in trading volume on its first day, with net inflows of $600 million.
As ETF trading unfolds, analysts are predicting a slight increase in the price of ETH, which is expected to range between $3,740 and $4,675. So, what developments are in store in the coming days?
Following the launch of the Ethereum ETF, we may see a minor pullback, which could take ETH down to $3,400. Sustaining this support level is crucial, and on-chain indicators such as a significant increase in staking inflows and the number of long positions suggest traders are expecting ETH to trend higher following the launch of the spot Ethereum ETF.
ETH is trading above the 20-day EMA and 50-day EMA, indicating bullishness in the short and medium term. However, buyers must hold on to the $3,400 support as it will be crucial to sustain ETH’s upward momentum. The support levels have held up so far, allowing ETH to consolidate.
If ETH is able to consolidate above $3,400, it could head towards a break above $3,500 and target the next key resistance at $3,700. A break above this level could also push ETH towards $3,800.
Currently, ETH has struggled to stay above $3,500. After hitting $3,537 on Sunday, ETH retreated on Monday, falling 2.67% to $3,443. However, buyers managed to push ETH back higher on Tuesday, rising 1.21% to $3,484. If you are still waiting and watching and cannot see the market trend clearly, you will only fall due to bullishness and rise due to shortishness, free ➕👗 ➕🌍 BNB0098
ETH is down just over 1% during the current trading session as sellers attempt to break above $3,400. The RSI currently sits at 59, indicating that it is in neutral territory.
