Despite the recent green lights for spot Ether ETFs in both the United States and Hong Kong, Ethereum (ETH) has found itself grappling to break the $4,000 barrier. The preceding fortnight bore witness to a pessimistic trajectory in Ethereum's pricing, with Bitcoin (BTC) too encountering a formidable ceiling around the $72,000 mark, slipping below $70,000 come Monday.

The onset of this week ushered in a bearish atmosphere across the entirety of the altcoin spectrum, a mood shaped in part by impactful developments stemming from the United States. Wednesday looms large on the horizon as the Federal Reserve gears up to unveil its much-anticipated funds rate, a moment eagerly awaited by market pundits who predict a status quo. Meanwhile, the European Central Bank (ECB) has already embarked on a journey of rate cuts, with the Bank of Canada swiftly trailing suit, thereby exerting considerable pressure on the Federal Reserve to follow suit.

Wednesday's release of the Consumer Price Index (CPI) by the United States Bureau of Labor Statistics is poised to exert a profound influence on the crypto sphere, intensifying market volatility in the process.

Analysis of on-chain data courtesy of Glassnode reveals a notable uptick of approximately 3 percent in Ethereum addresses harboring a minimum of 10,000 Ether units over the preceding three weeks. Concurrently, Ethereum's supply languishes at an eight-year nadir on centralized exchanges, indicative of steadfast accumulation by long-term investors.

The imminent listing of sanctioned spot Ether ETFs in the United States promises to further constrict the equilibrium between Ethereum's supply and demand. Notably, BlackRock's revelation of a $10 million seed for its spot Ether ETF signals a robust appetite for the cryptocurrency, surpassing its counterpart for spot BTC ETF.

Investors harbor bullish sentiments towards an impending upswing in Ethereum's valuation, underpinned by various factors including the four-year crypto bull cycle that the Bitcoin halving recently heralded, alongside Ethereum's concerted efforts to ready itself for widespread Web3 adoption through network enhancements aimed at fee reduction and throughput amplification.

As per Crypto Patel's analysis, Ethereum's valuation vis-a-vis the US dollar must steadfastly defend the $3,650 support threshold to stave off further regression towards $3,152. Should Ethereum falter in securing this bastion, a descent to $3,150 could ensue; nonetheless, Patel remains sanguine about an eventual breach of the $4,000 ceiling, propelling Ethereum towards midterm targets ranging from $6,000 to $7,000, propelled by burgeoning network adoption.

Presently, the Ethereum network boasts a total value locked exceeding $64 billion, alongside a stablecoins market cap hovering around the $80 billion mark, indicative of robust activity levels and a fertile ground for future expansion.