Ethereum (ETH) price has soared to the $3700 level in the past 24 hours.
The SEC’s recent announcement associated with spot ETH ETFs has increased its approval probability to 75%.
The entire crypto market has leaned toward an upsurge, rising its valuation to $2.6 trillion. Bitcoin and the family of altcoins have experienced price hikes. Over the past 24 hours, Ethereum (ETH), is spearheading the bullish rally with a 17% surge in price and by breaking recent resistance levels.
The largest altcoin witnessed a bullish rally after the SEC’s recent announcement on Spot ETH ETF 19b-4 filings. The Commission asked exchanges and issuers wishing to list spot ETH ETFs to amend their 19b-4 filings. This has raised the probability of Spot ETH ETFs approval from 25% to 75%, as per analysts.
Ethereum 24H Price Analysis
Ethereum market price witnessed a momentous upward spike soaring closer to the $4K Mark. At the time of writing, ETH traded at $3672 climbing from the recent recovery of $3125 last week. On May 20, prices had sustained at the $3100 level showing momentary hikes to $3146. Towards closing, it broke resistance and went on an upward trajectory finding support at $3441.
Furthermore, May 21 witnessed another round of upsurge with the altcoin hitting new weekly highs of $3719 momentarily according to TradingView data. Since then, it has sustained around the $3600 mark with a 78.28 volatility index. According to data from TradingView, the 9-day SMA is at $3326 highlighting the altcoin’s bullish trend.
Ethereum (ETH) 4H Price Chart (Source: TradingView)
Zooming out, Ethereum prices over the month had struggled to break the $3K resistance, until the recent past. Prices had ranged at the margin between $2900 and $3K with constant price dips rather than hikes. Additionally, the price performance has shown an upsurge of 16% this month.
Moreover, ETH’s year-to-date price performance stands at a positive 61.31%. The trading volume has increased by a staggering 255% in the past 24 hours with $37 billion being traded currently, according to CMC data. In terms of market sentiment, the altcoin has propelled into the overbought state with an RSI of 86.47.
Additionally, analysts have predicted ETH price to hit $4k by the end of this month. When looking at TradingView charts, the ETH price needs to break the resistance of $3938 before proceeding to break a higher resistance of $4089. Such an occurrence can be expected if the bulls sustain their recent comeback.
Finally, the impending SEC’s Ethereum Spot ETF approval is expected to be a significant external influence on Ethereum price this week. Furthermore, leading X crypto analyst Ali (@ali-charts) reported a recent ETH whale movement with 110K ETH being bought in the past 24 hours.
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