Ethereum has witnessed a significant upturn, with its price increasing by 4.98% in the last 24 hours to reach a current trading value of $3,353.29. This recent price surge is accompanied by a substantial trading volume of $12.2 billion, underscoring a heightened market activity and investor interest. The crypto's positive trajectory is evident in several technical indicators which suggest a continued bullish trend in the near term.
Ethereum price analysis shows ETH has been on a consistent upward trend from the early hours, marked by a sharp rise at approximately 06:00 UTC. This trend signifies a robust entry of buyers, pushing the price from around $3,260 to current levels.
Ethereum's daily chart indicates that it is trading well above the 20-day Exponential Moving Average (EMA), which currently stands at $3,171. This moving average serves as a dynamic support level that has been tested multiple times during the month, with each retest resulting in a bounce that propelled prices higher.
The next major resistance is present at around $3,400, a level that has historically been a tough barrier to breach. If Ethereum manages to surpass this resistance, it could potentially test the $3,600 area, which was last seen in early June.
The RSI, currently at 55.28 on the daily chart and spiking to 80.65 on the four-hour chart, indicates a strong buying momentum, though approaching overbought conditions in shorter time frames. This suggests that while the market sentiment is currently bullish, traders should be cautious of potential retracements due to profit-taking.
The MACD on the daily chart presents a bullish crossover, with the MACD line (blue) crossing above the signal line (red). This is typically a bullish signal suggesting that the upward momentum is likely to continue in the near term.
The immediate support is the 20-day EMA at $3,171, followed by a more substantial support zone around $3,000, which could serve as a psychological barrier.The immediate resistance lies at $3,400. Breaking this could open the path towards $3,600, depending on market conditions and investor sentiment.
The Ethereum market has been buoyed by an enthusiastic surge, with the price of Etherem reaching $3,331, reflecting a significant 16% increase from the previous week's low of $2,909. This rally is largely driven by the anticipation of spot Ethereum exchange-traded funds (ETFs) potentially receiving approval by the end of the week.
ETF analyst Nate Geraci, president of The ETF Store, shared his optimism on social platform X, expressing that there appears to be no substantial reason for further delays in the ETF approval process. His comments have injected a wave of optimism into the market, underlining expectations that up to eight spot ETH ETFs could be launched shortly, which would enhance Ethereum’s liquidity and integrate it more deeply into the sphere of traditional finance.