- Ethereum displays resilience by remaining in a positive zone above the $2,600 resistance level.
- ETH exhibits upward potential as it holds a key bullish trend line at $2,590 and trades above the 100-hourly simple moving average.
In a compelling showcase of strength, Ethereum (ETH) continues to outshine its counterparts in the cryptocurrency market, boosted by recent price movements and the approval of the Bitcoin ETF. The digital asset maintained a positive trajectory, surging above the crucial $2,500 resistance and eclipsing Bitcoin by breaching the $2,680 barrier.
After the approval of the Bitcoin ETF, Ethereum soared to $2,684, marking its highest point in 20 months since May 2022. However, the altcoin’s price experienced a minor decline today. Despite a corrective dip subsequent to reaching this multi-week high, Ethereum remains positive.
Post-Bitcoin ETF Approval Effect
A significant development in the crypto market assists ETH in the formation of a key bullish trend line, with solid support around $2,590, suited by the presence of the 100-hourly simple moving average. Ethereum currently trades above these levels, setting the stage for potential upward momentum.
Ethereum (ETH) Price Chart (Source: TradingView)
A jump awaits at the $2,630 resistance, and overcoming it could pave the way for further gains. The next significant resistance looms at $2,730, and a breakthrough might propel Ethereum towards the $2,850 mark. A decisive close above $2,850 could trigger a bullish phase, with the possibility of reaching the coveted $3,000 zone.
Conversely, if Ethereum fails to break resistance at $2,630, a corrective downturn may unfold. Initial support rests at $2,590, with a breach opening the door to the $2,520 zone. A more substantial decline could test the $2,480 support, and any sustained losses might push the price toward $2,365.
Further, the buzz surrounding the potential approval of an Ethereum ETF adds intrigue to this market scenario. With the recent nod for a Bitcoin spot ETF amplifying discussions, the anticipation of a similar green light for an Ethereum counterpart has become a focal point.
The approval of an Ethereum ETF is seen as a transformative catalyst, likely drawing both institutional and retail investors into the Ethereum ecosystem. The distinguishing factor lies in its direct exposure to the actual asset, setting it apart from futures-based ETFs that hinge on derivatives markets.
