Will Ethereum (ETH) Experience a Breakout in the Near Future?

• Ethereum continues to trade below $3.6K, down by 7.56% over the past week.
• The largest altcoin’s daily trading volume is down 18.64% in 24 hours.

The U.S. SEC Chairman Gary Gensler’s statement regarding the spot Ethereum ETF approval by September has spurred the community to speculate on the price momentum of Ethereum (ETH).

Notably, demand for Ethereum surged 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. 

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.

                                         ETH Price Chart (Source: CoinMarketCap)

ETH trades within the  $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. 

Moreover, over the past 24 hours, approximately 110,536 ETH, worth $389 million were transferred from wallets to exchanges, according to Whale Alert.

Will ETH Strive to Hit $4K?

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. 

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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