Ethereum prices are in green but there needs to be more for trend definition. As things stand, the path of least resistance is still southwards. This preview will shift if there is a decisive close above the local resistance, ideally with rapidly expanding trading volume. Even so, considering what lies ahead as far as spot ETFs are concerned, there could be more room for growth for ETH. In that case, traders are watching for what happens at $3,700.
In light of the weekend’s events, Ethereum is in green but still trapped in a bearish formation. To quantify, the coin is up 3% in the past day and 4% in the previous week. If this is to change, buyers are closely monitoring how prices react at $3,700. So far, the average trading volume is low, at just $10 billion over the last day. Going forward, it is likely that participation will rise as the community prepares for spot ETFs.
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Top Ethereum news headlines today include:
- Despite Ethereum dominating DeFi and NFT activity, Solana is emerging as the king of DEX trading. The latest data shows that Solana DEXes like Raydium cumulatively process nearly 2X trading volume as their counterparts in Ethereum.
- After over 650 days, Ethereum appears to be breaking out from a descending wedge versus Bitcoin. As ETH bulls take over, this could positively impact the entire market, strengthening the push higher.
Ethereum Price Analysis
ETH/USD is turning green at spot rates.
Fundamental drivers are in play, but that only matters if immediate liquidation levels are broken.
For Ethereum, this line is at $3,700.
Aggressive traders may begin loading dips, expecting a comprehensive close above this zone, propelling gains to over $4,000.
Even so, this will quickly change should ETH dump below $3,300. In that event, prices could easily dump to $2,800 as the spot ETF approval becomes a sell-the-news event.
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