Assessing the impact of the ETH ETF on the price of Ethereum. There was a move above the $3,500 and $3,650 resistance levels.
$ETH ETH outperformed Bitcoin and even climbed above $3,750. A new weekly high was formed at $3,838 and the price continues to rise. It is trading well above the 23.6% Fib retracement level of the upward wave from $3,065 to $3,838.
Ethereum is currently trading above $3,700 and the 100 SMA. There is also a short-term uptrend line forming with support at $3,710.
Immediate resistance is near the $3,840 level. The first major resistance is near the $3,880 level. A break above the $3,880 resistance could send the price higher. The next key resistance lies at $3,950, above which the price could gain traction and rally towards $4,000.
If Ethereum fails to clear the $3,860 resistance, it could start a downside correction. Initial support on the downside is near the $3,710 level and the trendline.
The next major support is near the $3,620 area. A clear move below the $3,620 support could push the price to $3,450 or the 50% Fib retracement level of the upward wave from $3,065 to $3,838. Any further losses could push the price towards $3,380 in the near term.
