Ethereum Bulls Target $4,000? Transaction volume has dropped!

The bulls pressed the "buy" pedal relentlessly. The coin gained 4% in the final trading session, extending last week’s gains to 16%. In fact, ETH outperformed Bitcoin and was one of the best-performing cryptocurrencies in the top 10 trading currencies last week.

ETH has performed almost similarly to BNB, which gained 16% last week after rising 11% in the past 24 hours. However, ETH has outperformed Solana and XRP despite their lower market caps. Overall, the path of least resistance is to the upside, favoring committed bulls.

At the time of writing, ETH has a market capitalization of over $472 billion and continues to expand as the price surges. Even so, concerns remain as prices rise to new 2024 highs, as total trading volume has shrunk to around $21 billion in the past 24 hours. Generally, the greater the trading volume, the stronger the upward momentum.

Judging by the news, the cryptocurrency community remains largely optimistic. Here are some popular Ethereum news events to keep track of:

Bitwise researchers believe that while the industry has been focusing on Bitcoin, given the influx of funds through spot Bitcoin exchange-traded funds (ETFs), Ethereum is likely to break through $5,000 and hit a new all-time high. According to his assessment, ETH could rise to $10,000 in 2024. The upcoming Dencun upgrade will serve as a bullish catalyst for prices.

While ETH is rising, more validators are exiting than joining this week for the first time since January. An estimated 670,000 ETH, or more than $2.5 billion in staked ETH, was withdrawn. This is despite the Ethereum staking yield rising from 3.5% to 3.69% in March.

Ethereum Price Analysis

At the time of writing, ETH/USD is changing hands above $3,900.

This expansion has been nearly vertical since late January 2024. Since then, the coin has increased by more than 80%.

Currently, bulls have a price target of $4,000. Support is around $3,500 – a psychological round number.

On the 1 HR chart, traders are eyeing the $3,950 level. A full close on higher volume could stabilize the price towards $4,000 in the next phase.

Conversely, a break below $3,850 could see ETH drop to the March 7 low of $3,740.

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