The cryptocurrency market has been abuzz with speculation around Ethereum's price trajectory, as investors eagerly anticipate the asset's potential to reach new heights. Recent market dynamics have painted a complex picture, with Ethereum experiencing a surge in price while Bitcoin remains in a consolidation zone.

Ethereum Price Prediction: Bulls Take Advantage of Major Support

Ethereum's price chart has been a rollercoaster ride over the past week. The asset witnessed an 8-day continuous fall, plummeting from $3,878 to $3,362. In the process, Ethereum breached a critical support level responsible for holding it above $3,650. However, the bulls eventually utilized another stronger support structure between $3,400 and $3,250 to bounce the price back into an uptrend.

The bulls' main challenge now lies in breaking above the $3,600 support-turned-resistance. If they succeed, Ethereum's price may rise to $4,216, with some resistance around $3,800 and $3,900. Meanwhile, Bitcoin's price remains in a crucial position, trending around a key support level of $65,000.

Spot ETF S-1's Will Likely be Approved by the End of Summer

Adding to the excitement, Gary Gensler, the Chair of the Securities and Exchanges Commission (S.E.C.), has hinted at a likely Ethereum ETF S-1 approval by the end of summer. This news has likely contributed to the reversal in Ethereum's price over the weekend, as investors anticipate the potential impact of a spot ETF on the asset's value.

Ethereum Blob Usage on the Rise

Interestingly, Ethereum's blob usage has been trending upwards for about 5 weeks now, as rollups continue to see more and more activity. Blobs, which improve the efficiency of Layer 2 (L2) transactions, have the potential to reduce congestion and potentially cut down on gas fees, further enhancing Ethereum's appeal.

Bottom Line

As the crypto market eagerly awaits the potential approval of Ethereum's spot ETF, investors are in a "buy-the-rumor" phase that may last until the eventual approval. The combination of technical analysis, regulatory developments, and network improvements paints a compelling picture for Ethereum's future, with the asset poised to potentially reach the $4,200 mark in the near future.