Ethereum

Spot

<ul class="list-ic vertical">
 <li>1 <a>Ethereum (ETH) price trades close to the foremost hurdle of $4000.</a></li>
 <li>2 <a>The market sentiment favours the ETH price to blow up massively.</a></li>
</ul>
ETH has gained strength and is on the verge to trigger a massive blast. Fueled by the Spot Ether ETF approval news, investors have shown their interest and await a major upside from here.
After a massive intraday gain of 25% on May 20th, ETH remained within a range and awaiting an upcoming bullish tide.
Amidst the range bound moves this week, ETH price decisively sustained gains and the rally remained intact. A break and close above the $3860 mark would validate the next leg beyond $4000 ahead.
At press time, the ETH was trading at $3792 with an intraday drop of 0.02 %, reflecting flat moves on the charts.&nbsp;
<h2 class="wp-block-heading" id="strong-how-long-eth-takes-to-strike-4k-mark-here-s-a-look-strong">How Long ETH Takes to Strike $4k Mark: Here’s a Look</h2>
Since the beginning of 2024, Ethereum coin was in recovery mode and has retained over 75% of gains till now.&nbsp;
Per the analysis of the weekly charts, the last candle was a massive bullish engulfing candlestick which crossed above 9 candles and trapped the seller army. Meanwhile, buyers are looking for a follow on candle to register a major rally beyond the $4000 mark. 
<a href="https://www.tradingview.com/chart/ETHUSDT/fCWZpWTf-ETH-Price/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/" rel="noopener noreferrer nofollow"></a><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow"></a> 
Source: TradingView
Per the Fib retracement tool, ETH faced resistance near its 78.6% zone near $3900 and is waiting to strike above it.
Meanwhile, the trading volume significantly surged over 21.39% to $8.47 Billion in the last 24 hrs, while the total supply is 122.37 million. A tweet by @Borovik on X platform suggests that Spot ETH ETF are about to start trading and he is guiding his bullish outlook on ETH.
<center>
 <blockquote class="twitter-tweet">
 Spot Ethereum ETFs are about to start trading I am so bullish on <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>! <a href="https://t.co/q6EjcbqANM" rel="noopener noreferrer nofollow">pic.twitter.com/q6EjcbqANM</a>— borovik (@3orovik) <a href="https://twitter.com/3orovik/status/1796648989175021719?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 31, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
Source: X
The weekly RSI curve stays in the overbought zone and is on the verge to display a positive crossover and investors are eyeing closely to it for a sharp bull run ahead.
<h3 class="wp-block-heading" id="strong-an-impressive-surge-in-tvl-total-value-locked-strong">An Impressive Surge in TVL (Total Value Locked)</h3>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXemn03sK48_JYYwYXpjxJYNuprbt-dY5C5QKSI8gOVGFPG3wcFGIVTlXlfL3bxghAc_vxzMeDxmmdCM9mdAEBas2Sr-P6kH05PilWUkfA7WvO_eauGIecWIRx5vSTfvgKrC2rTj9Lz0RHhfXl202Pl6FhU?key=IQv8Z_FyjJUVvv6LkobeaA" alt="">
 </figure>
</div>
Source: Artemis
From the start of this month, the TVL value consistently increased and soared over 8.43% to $69.90 Billion, highlighting the growing investor interest.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="349" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-32-1024x349.png" alt="" class="wp-image-207710" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-32-1024x349.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-32-300x102.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-32-768x262.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-32-1536x523.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-32-750x255.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-32-1140x388.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-32.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
Source: DefiLlama
Moreover, compared to BTC, <a href="https://www.thecoinrepublic.com/2024/06/01/is-safe-crypto-ready-to-rally-for-4-with-ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum </a>showcased a surge in dominance. A spike of over 56.81% in dominance was noted this week.
<h3 class="wp-block-heading" id="strong-what-do-social-factors-suggest-for-ethereum-eth-strong">What do Social Factors Suggest for Ethereum (ETH)?</h3>
The Social Dominance data remained flat and is close to the midline region, noting around 9.67%, signifying decent participation by investors on the social platforms. <iframe loading="lazy" title="Santiment Chart: Social Dominance (ETH), Twitter Followers 7d (ETH)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=ethereum&amp;pt=ETH&amp;df=2024-01-10T00%3A00%3A00.000Z&amp;dt=2024-05-31T18%3A29%3A59.681Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Btwitter_followers_7d&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
Source: Santiment
Likewise, the X followers data shows a steady rise – soared over 12% to 5856 this week, revealing a positive outlook. The immediate support levels for the Ethereum coin is $3700 and $3550 whereas the key upside hurdle is around $3980 followed by $40460
<h3 class="wp-block-heading" id="strong-what-s-next-for-ethereum-eth-strong">What’s Next For Ethereum (ETH)?</h3>
The Ethereum (ETH) coin paused gains near the prompt hurdle of $4000 and is ready for an upcoming blast ahead. Meanwhile, investors are eagerly awaiting a sharp bull run and closely eyeing it.

Ethereum Close To Cross $4k: Investors Await Major Rally Ahead

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