The market has shown optimism about the US approval of Ethereum ETFs, and this expectation has increased market confidence. Bloomberg terminals have added some Ethereum ETFs and are ready to start trading next week.
Technically, the daily chart of Ethereum shows that the price has been fluctuating in the range of 3350 to 3500 since Monday's rise. 3500 is a key pressure level that needs time to digest.
In the 4-hour chart, the MACD and KD indicators are being repaired, especially the MACD is above the 0 axis, indicating that even if there is a pullback, the market does not need to worry too much.
Investors should pay attention to the secondary golden cross buying opportunity after the MACD pullback is in place. In addition, the EMA moving average shows that the short-term EMA has signs of crossing the long-term EMA.
In summary, the bullish pattern remains strong, and the current repair is aimed at laying the foundation for better upward momentum.
