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.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.

Source: https://www.thecoinrepublic.com/2024/06/03/ethereum-close-to-cross-4k-investors-await-major-rally-ahead/