Ethereum (ETH) Struggles Under $3,900 Support Level; Can Spot ETH ETFs Bolster Price Action?

TMI Newsdesk
7 Min Read

Since Ethereum (ETH) broke out of its 3-month bearish trendline, it has been stuck below the $3,900 resistance region. Based on the daily chart, the cryptocurrency has been stuck here for weeks. However, with the anticipated S-1 approval, many speculate that Ether will break this level.

ETH is trading at $3,795, a minor increase of almost 2% in the past day. Moreover, the coin still sustains a 30-day price increase of over 20%. This slight price gain comes as the broader crypto market surges to $2.63 trillion, a 3% increase.

Given the ongoing momentum and potential S-1 application approval, can ETH’s price soar?

BlackRock S-1 Could be Approved Soon – Will it Pump Up ETH Price?

According to a source, BlackRock’s recent ETF filing shows its spot Ether ETF will trade under the ticker symbol “ETHA” if approved. It will also be divided into blocks of 40,000 shares for easier trading. Moreover, BlackRock has confirmed that the ETF will not support staking.

In a recent X post, Eric Balchunas, a Bloomberg ETF analyst, described BlackRock’s S-1 filing as a positive development. He believes the other applicants will file theirs soon, and one more amendment comment from the SEC before the approval. 

According to the ETF analyst, the likelihood of an ETH ETF launch between June end and July 4 is high. Furthermore, James Seyffart, Bloomberg analyst, shared on the X platform, commending BlackRock’s move. He believes it will encourage other potential issues to submit their own S-1 forms.

“This is certainly the engagement we were looking for on the S-1s following the 19-4 approvals,” Seyffart said.

Experts believe approval for the ETF could come within the next few weeks. However, nothing is unavoidable, as the SEC can still extend it into months. One thing is sure: BlackRock’s move has renewed optimism among market participants. This could translate into more demand for Ethereum and subsequently drive prices higher. 

Ethereum (ETH) ‘Glorious Year’ is Near, Expert Anticipates $10,000 Target

Following the SEC’s endorsement of the 19-4 fillings, ETH price surged significantly, pushing from $3,000 to $3,900 due to heightened optimism. 

While the pump was short-lived and Ether has regressed slightly to the $3,700 – $3,800 range, analysts remain optimistic that the asset is poised for a massive rally. An analyst named Jelle on X says Ethereum cannot turn bearish if it holds about $4,000. 

In another X post, Jelle says Ethereum can reach $10,000 in the ongoing market cycle. However, before hitting this anticipated level, the price would need to break the $3,900 resistance level.

ETH Price Analysis: Bullish Indicators Point to Potential Breakout

Ethereum shows vital signs of a bullish trend, backed by multiple technical indicators.

Ethereum (ETH) Struggles Under $3,900 Support Level; Can Spot ETH ETFs Bolster Price Action?

Firstly, the price of Ethereum is above both the 50-day (yellow line) and 200-day (red line) Simple Moving Averages (SMA). This setup indicates a sustained uptrend. The Relative Strength Index is at 63, signaling an intense buying pressure.

Ethereum (ETH) Struggles Under $3,900 Support Level; Can Spot ETH ETFs Bolster Price Action?

Additionally, the Bollinger Bands are expanding, and ETH’s price is above the 20-day SMA (middle line of the Bollinger Bands). This means that the market expects higher price movements and potential upward trends.

Ethereum’s Price Volume Trend (PVT) indicator is currently at 90,000, indicating significant buying interest and accumulation. This shows that many buyers support the current price levels.

Overall, all these technical indicators suggest that Ethereum is in a bullish phase. If buyers can sustain this momentum, Ethereum’s price can break the $3,900 resistance level.

Is PlayDoge the Next Floki? P2E Token Raises Over $2 Million in Presale

PlayDoge, a fun new game with a cute dog character, has garnered significant attention in its presale. Launched only a week ago, PlayDoge has raised more than $2.3 million from investors looking to leverage its early prices. It now approaches its $2.5 million target, raising the need for urgent action before the presale ends.

Remember those Tamagotchi pets from the 90s? PlayDoge is like that, but with the famous Doge meme dog instead. It’s fun to play and earn money in $PLAY tokens.

Thinking about joining the fun? You can still buy $PLAY tokens before the game even launches. Right now, each token costs only $0.00503. But hurry, the price goes up in just two days. So, if you want the best deal, get in on the action now.

PlayDoge: The Tamagotchi-Inspired Crypto Game

PlayDoge isn’t like other meme coins; it transforms Tamagotchi into a crypto game, using $PLAY as the in-game currency. With the present development, the 90s fans of digital pets will love PlayDoge since they can earn money while playing.

Players earn $PLAY by taking care of their virtual Shiba Inu and taking up adventures in the game. The best players appear on the game’s Leaderboard, getting bonus tokens and unique rewards. Players can exchange the earned $PLAY tokens for other cryptocurrencies. But that’s not the only way to gain from this novel project.

PlayDoge has a staking feature allowing users to earn up to 130% annual percentage yield (APY). Today, more than 145 million $PLAY tokens have been staked on the platform.

By combining the Doge meme and Tamagotchi, PlayDoge creates an exciting gaming economy in the growing meme coin crypto world. To participate in the presale, visit the PlayDoge site and follow the instructions to purchase $PLAY coins.

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