$ETH Ethereum Price Soars After ETF Approval 🚀
Ethereum's price surged following its ETF approval, but it hasn't yet hit recent highs.
#### Technical Analysis by TradingRage
**Daily Chart 📊**
Ethereum broke out of a large descending channel in May but has been stuck between $3,600 and $4,000 since then. With the Relative Strength Index (RSI) above 50%, momentum suggests a possible move past $4,000 towards a new record high.
**4-Hour Chart ⏱️**
On the 4-hour chart, Ethereum has been volatile, testing the $4,000 level multiple times but currently hovering around $3,800. The 4-hour RSI breaking above 50% indicates bullish momentum, hinting at a potential breakout above $4,000 soon.
#### Sentiment Analysis by TradingRage
**Exchange Reserve 📉**
Ethereum's price consolidation below $4,000 coincides with a significant drop in exchange reserves. The reserve recently fell below its 30-day moving average, suggesting accumulation during the current consolidation phase. This drop in exchange reserves can be very bullish for ETH, as it indicates a reduced supply.
Overall, the market appears poised for a rally, with strong technical indicators and positive sentiment. Stay tuned for a potential breakout! 💥
