A day after the Securities and Exchange Commission (SEC) cleared its first-ever batch of spot Bitcoin exchange-traded funds (ETFs), the price of Ethereum rose 10% over the previous twenty-four hours, to reach $2,656.
Ethereum's (ETH) 24-hour gain surpassed the 6% increase the broader market made over the past day. This indicates that ETH is currently doing better than the majority of currencies.
Experts are now recommending that the alternative cryptocurrency be the next to gain approval for spot exchange-traded funds (ETFs) in the United States. It has already increased by 19% in one week and 98% in one year.
Due to Ethereum's already strong foundations, 2024 could be a very important year for the cryptocurrency.
It is quite evident that Ethereum is now in the midst of a breakout, as evidenced by the fact that its price has climbed well above its 30-day average and is expected to break through its current resistance level (red).
So it won't be as surprising to discover that the coin's Relative Strength Index (purple) is just above 70. This indicates that the coin is experiencing extremely strong momentum, while providing the possibility of further increases before that we reach the overbought zone.
Similar to the previous point, the 30-day time frame is now increasing more sharply than the 200-day average, which is another strong indication that ETH is under strong buying pressure.
Additionally, the fact that the currency's trading volume is around $53 billion is a very strong signal that Ethereum has most certainly entered a bullish period. That's not to say that this isn't already obvious enough.
Although whales have been buying Bitcoin (BTC) in previous weeks, it appears they have now turned their attention to Ethereum. The data reveals that a fairly aggressive buildup is occurring.
