Ethereum hovers around $3,250 as its protocol upgrade approaches on April 18, promising lower transaction costs and improved scalability. Such upgrades often drive volatility—past events like the 2022 Merge saw sharp pullbacks post-hype. Bullish sentiment persists, with positive funding rates in futures markets, but global market weakness could push Ethereum to $3,000 support. A sustained rally would target $3,400 resistance.
The daily chart shows a symmetrical triangle, with $3,100 as support and $3,400 as the breakout level. The 50-day moving average at $3,150 holds, but a potential death cross between the 50- and 200-day averages looms if momentum fades. On-chain metrics are strong: active addresses rose 15% month-over-month, and staking deposits hit a three-month high.
Approach: Swing traders should wait for a confirmed breakout above $3,400 (target $3,800) or buy dips near $3,050. Scalpers can trade the $3,200-$3,300 range with tight stops. Monitor gas fees on Etherscan for network demand signals. Is Ethereum poised to outperform? Share your view! #Ethereum #Blockchain
