Ethereum Spikes 10% in 7 Days: Spot ETF Hopes Spurs Buyers Aiming For $3,700

Ethereum, more like Bitcoin, is also exploding, looking at price action in the daily chart. The liftoff is primarily due to shifting sentiment among traders. The United States SEC is also increasing expectations that they will approve all spot ETH ETF applications this week. This confidence is fueling the uptrend, confirming the breakout pattern over the weekend. As bulls pour in, prices are tracking higher—a huge development for ETH.

At press time, Ethereum is outperforming Bitcoin, looking at the performance over the past day and week. For now, ETH is up 1% in 24 hours and an impressive 11% in the past week. Moreover, there is an uptick in trading volume, pointing to interest from traders. For now, the average trading volume in 24 hours rose to over $18 billion. Once the spot ETF goes live in the next few days, it is likely that engagement will rapidly swell, fanning the upside momentum.

The following Ethereum news developments are trending today:

• Eyes are on the United States SEC and whether they will accelerate their approval of spot ETFs in the coming days. There is speculation that the regulator will allow these derivatives to trade on July 23. With this product, analysts expect ETH to attract billions, just like spot Bitcoin ETFs did.
• ETH continues to outperform BTC ahead of the spot ETF launch. This trend could continue in the coming days, cementing the coin’s position in crypto and narrowing its valuation gap with the world’s most valuable coin.

Ethereum Price Analysis

ETH/USD is firmly in an uptrend, gaining 11% in one week.

With prices trading above the $3,300, buyers are back in the equation.

As things stand, Ethereum buyers can choose to ride the uptrend, loading on every attempt lower with immediate targets at $3,700.

Notice that ETH is within a bullish breakout, overcoming the dynamic resistance line set by the 20-day moving average. At the same time, all losses of July 4 and 5 have been reversed.

With the uptrend defined, traders can look at $3,700 and $3,900 as the immediate targets.

Any unexpected dump below $3,300 cancels out this outlook.