Ethereum

Gary

<ul>
 <li>Ethereum continues to trade below $3.6K, down by 7.56% over the past week.</li>
 <li>The largest altcoin’s daily trading volume is down 18.64% in 24 hours.</li>
</ul>
The U.S. SEC Chairman Gary Gensler’s statement regarding the spot Ethereum <a href="https://thenewscrypto.com/sec-chair-gensler-anticipates-ethereum-spot-etf-approval-this-summer/" target="_blank" rel="noopener noreferrer nofollow">ETF</a> approval by September has spurred the <a href="https://thenewscrypto.com/vitalik-buterin-hails-ethereums-journey-and-optimisms-milestone/" target="_blank" rel="noopener noreferrer nofollow">community</a> to speculate on the price momentum of Ethereum (ETH).
Notably, demand for Ethereum <a href="https://x.com/jjcmoreno/status/1801334325188735048" target="_blank" rel="noopener noreferrer nofollow">surged</a> this week. This is evident from the inflows of permanent holders purchasing 298,000 ETH on Wednesday, marking the second-highest daily buying on record so far. The all-time high for daily buying was set on September 11 last year, when 317,000 ETH were purchased.&nbsp;
Despite the recent developments, notable bullish corrections are yet to be reflected in the altcoin’s price. Ethereum bulls and bears are exhibiting a feud to break the $3K range to set a new high of $4K. At the time of writing, the coin is trading at $3,512 with a 0.45% gain in the past 24 hours. After an 18.64% decline, the daily trading volume recorded was $13 billion.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXc8aavmBkuYa8q6AY3kNLbmj5rwMcDQwXrTKBki35YZCIFjL_jUMvi4pGTXWft1or9DX_Ri4pAs8Gmion4QlfdsEkC-tH7QwuSWaBV-TBELMPEO9P0B51noCwqEmL3Kfo6W4y874X0opkmu0vcd5rM_vOLW?key=8iIN0LFrRKZhmBYaCr2SCw" alt="">
</figure>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETH Price Chart (Source: <a href="https://coinmarketcap.com/currencies/ethereum/#Chart" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>)
ETH trades within the&nbsp; $3.5K-$3.6K range. Over the past week, it is down by 7.50%. However, in the last month, it has seen a 21.36% increase. Meanwhile, the daily relative strength index (RSI) stays at 45.20, indicating the asset is approaching the neutral zone.&nbsp;
Moreover, over the past 24 hours, approximately 110,536 ETH, worth $389 million were transferred from wallets to exchanges, according to Whale Alert.
<h3 class="wp-block-heading" id="h-will-eth-strive-to-hit-4k">Will ETH Strive to Hit $4K?</h3>
Analyzing the 24-hour price chart, ETH’s key resistance is noted in the $3,695 range. Initially, it might test resistance around the $3,750 range. If the bullish trend persists, the next key resistance might be at the $3,810 level. Furthermore, the higher target might be marked in the $4K range.&nbsp;
Conversely, Ethereum’s price will dip to the $3,440 range if the bears pull back the bulls. When it follows the bearish trend, ETH might drop to a support level of $3,325. In the case of a strong bear rule, the price of ETH would dip further to the $3,290 level.
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Will Ethereum (ETH) Experience a Breakout in the Near Future?

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