Ethereum Rockets Past $3,300 on Spot ETF Approval Hopes: Next Stop $4,100?
Ethereum buyers are in charge. Following the sharp spike above $3,300 and the surge approaching $3,700, ETH bulls are now eyeing $4,100
Ethereum is quickly shifting direction, pumping and trending higher like Bitcoin. After weeks of downward movement, the rejection of bears and the breakout above a critical liquidation level points to the presence of bulls. As it is, the ETH/USD candlestick arrangement in the daily chart signals a shift in trend. A confirmation of yesterday’s gains could trigger another sharp leg up, possibly pushing Ethereum toward March 2024 highs.
The resurgence in Ethereum is evident. The coin is up 18% on the last day and 26% on the previous trading week. With prices also trading above $3,300, interest is rising. Reflecting this state of affairs is the obvious upsurge in participation to over $37 billion, a decent increase. If prices continue floating higher in the days ahead, the odds of ETH easing past $4,000 will be elevated.
In light of this shift in trend, bulls should closely monitor the following Ethereum news:
- Ethereum whales are stepping up and loading ETH on dips. According to trackers, they have bought a whopping 110,000 ETH in the past 24 hours. This development is massive and could suggest shifting dynamics that are supportive of buyers.
- The odds of the United States SEC approving a spot Ethereum ETF have increased tremendously from 25% to 75%. This is a huge leap, indicating that even with Gary Gensler, the chair of the SEC, expressing doubts; the community expects the commission to greenlight the product.
Ethereum Price Analysis
Ethereum is bullish at spot rates.
As it is, there is a clear breakout above $3,300, a local resistance level.
The bar is wide-ranging and has a high trading volume.
Every dip may offer an opportunity for buyers to load up, targeting $4,100 in the short term.
If there are more sharp gains, Ethereum will likely break above $4,100 and push harder toward the 2021 all-time high of around $4,900.
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