Ethereum (ETH) Price Analysis
Ethereum (ETH) has started to rebound, with the cryptocurrency up nearly 15% over the past week.
The rally came amid excitement over the potential approval of an Ethereum spot ETF in the coming week. ETH has been very bullish since it bounced off support last week and closed above $3,000.
ETH saw significant volatility on Thursday, rising to a daily high of $3,215 as buyers looked to push it above the 20-day EMA. However, due to heavy selling pressure at higher levels, sellers were able to push the price lower, with ETH eventually closing at $3,101.
On Friday, ETH broke above its 200-day EMA and closed at $3,136. However, ETH is still facing selling pressure at higher levels.
Over the weekend, ETH continued to rise, rising to $3,178 on Saturday, and rose 2.17% on Sunday, breaking above its 20-day EMA, which took the price to $3,247. ETH is up nearly 3% in the current trading session, with buyers looking to push the price towards $3,500 and the 50-day moving average.
As ETH strengthens, a close above $3,400 could see the price break above $3,500.
However, if there is a reversal, we could see the price drop to $3,200. A continuation of the bearish sentiment could see the price drop to $3,000. Currently, bulls are dominating the market.
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