Ethereum Priming for $4,000, Traders Pulling ETH from Exchanges in Droves

Ethereum, like Bitcoin, is tracking higher, looking at the performance in the daily chart. Even though the coin remains within a consolidation with clear caps at $3,700 and $3,900, the uptrend remains. Still, for this to be confirmed, there must be a welcomed close above $4,000 and, ideally, March highs. Before then, the June 4 expansion is a boost for bulls considering the upside momentum which had slowed down after the surge on May 20.

The uptrend is clear. Nonetheless, prices are within a range, as mentioned above. Ethereum is relatively stable. The static participation, now around $13 billion at spot rates, illustrates this state of affairs. If volatility increases today, the average trading volume will also likely rise, signaling interest from the community.

The following Ethereum news events might catalyze demand, helping revive ETH bulls:

• Prices are firm, and bulls are upbeat primarily because of spot Ethereum ETF expectations. Now, analysts project that these derivative products, once approved in the United States, will mop up to over 1 million ETH in less than six months after launch.
• Traders and investors are increasingly withdrawing their coins from leading crypto exchanges like Binance and Coinbase. According to statistics, ETH reserves in these centralized platforms now stand at roughly 10% of the circulating supply, the lowest in years.

Even though there were roadblocks following the recent consolidation, buyers are in control.

In light of the current uptrend, the immediate resistance is at $3,900.

A breach of this line may open up Ethereum to $4,100.

Considering this, aggressive traders might look to buy any retracement above $3,700, targeting May highs.

Further gains above March 2024 highs open up entries for conservative traders aiming for all-time highs.

Any sharp, high-volume dump below $3,700 will cancel this outlook.