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

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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. 

How Long ETH Takes to Strike $4k Mark: Here’s a Look

Since the beginning of 2024, Ethereum coin was in recovery mode and has retained over 75% of gains till now. 

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.

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.

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.

An Impressive Surge in TVL (Total Value Locked)

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.

Source: DefiLlama

Moreover, compared to BTC, Ethereum showcased a surge in dominance. A spike of over 56.81% in dominance was noted this week.

What do Social Factors Suggest for Ethereum (ETH)?

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.

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

What’s Next For Ethereum (ETH)?

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.

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