Ethereum Price Soars as ETH ETF Approval Hopes Surge
Throughout the past 48 hours, $ETH has exhibited notable volatility with closing prices spanning from $3,660.49 to a peak of $3,777.97. This swift price movement has pushed the crypto above both the 9 Exponential Moving Average (EMA) and the 20 EMA, signaling a strong bullish trend. As of the latest data, the 9 EMA stands at $3,542.27, comfortably above the 20 EMA at $3,352.39, indicating sustained upward momentum.
The Moving Average Convergence Divergence (MACD) further corroborates the bullish outlook. The MACD line has remained above the signal line in the recent periods, with the latest readings showing a MACD of 177.91 and a signal of 109.23. The histogram, a measure of the momentum, has also been positive, peaking at 68.69 in the latest period, which suggests increasing buying pressure.
The Relative Strength Index (RSI), another critical indicator, has consistently hovered near the overbought threshold with a reading currently at 86.54. While high RSI levels typically warn of potential price reversals, the persistent strength reflects strong buyer enthusiasm which might support further price gains, unless a significant divergence occurs.
Looking at ETH’s trading volumes, there has been a mix of high and moderate activity. The most recent sessions show a decrease. This variation in volume suggests that traders should keep an eye for increased activity, which might validate further bullish or bearish signals.
From a technical perspective, the #Ethereum price is currently testing resistance near the $3,777.97 mark. If the bullish momentum continues, the next key resistance levels to watch are $3,879.74, $3,944.82, and closely followed by $3,950.46. On the downside, should a reversal occur, support can be found at $3,688.9, with further support at $3,560.82 and $3,491.18. Traders might consider these levels as potential entry or exit points for both long and short positions depending on their risk appetite and trading strategy. #ETHETFS #altcoins #EthereumSignal #Write&Earn