Looking at the daily chart, Ethereum is firm, and buyers are not yielding, looking at the formation. After a series of higher highs, the uptrend is valid. Bulls have managed to sustain prices above $3,700—a critical support line. At this pace, traders can search for entries on any pullback towards $3,700; with even more discount should there be losses toward $3,300. From the daily chart, there is minimum resistance for ETH bulls targeting $4,100.
As Ethereum buyers power on, holders are deep in green. So far, prices are relatively stable, considering the sideways movement on May 22. However, ETH is up 25% in the past week of trading. Even so, the only concern is the dip in participation. So far, the average trading volume is at $23 billion, which is way lower than that recorded earlier this week.
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The following Ethereum news developments are worth tracking:
- The Ethereum layer-2 ecosystem is exploding. According to on-chain data, Arbitrum, the largest of this category, has over 779,000 active addresses. This spike represents an over 3X surge over the last year. The same can be seen in Base and Optimism, where active addresses have more than doubled in the last 12 months.
- Looking at trends, the United States SEC has an issue with ETH staking. VanEck, Grayscale, and the rest are removing the staking feature from their proposals. What this means is that should the regulator approve, issuers won’t stake to earn a yield.
Ethereum Price Analysis
ETH/USD is in a clear uptrend after breaking above two resistance levels (now support) at $3,300 and $3,700.
Since the trend is defined, traders can look for opportunities to load as long as prices are inside the May 20 range.
This is valid, especially from volume analysis.
Moreover, the uptrend is strong since bull bars are banding along the upper BB. This points to increasing momentum and rising volatility supportive of bulls.
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