Ethereum trades in $3.4K, up by 10.91% over the past week.
The daily RSI stands at 56.57, indicating ETH’s neutral condition.
After enduring innumerable support and resistance, Ethereum’s price bounced back and sustained itself within the price range of $3.3K. Over the past 24 hours, the price of ETH has spiked by 2.38%. The upcoming ETF launch triggering anticipation among the community catalyzes the current bullish sentiment of ETH.
Notably, the approval of spot Ethereum ETF trading in the US is anticipated on July 23rd, as per Bloomberg ETF analyst Eric Balchunas’s prediction. He further mentioned that the SEC is responding to issuers, asking them to return the final S-1 forms. Similarly, another renowned ETF analyst, James Seyffart highlights that the Ethereum ETFs will start trading the same week as the Bitcoin Conference in Nashville.
Comparatively, in recent times, whale movements is not been widely detected. Over the past 10 hours, nearly 21,266 ETH, worth $72 million transferred by the ETH whales to Coinbase from an unknown wallet.
Can ETH Continue Climbing?
By evaluating the monthly price chart, ETH has passed through several hurdles, and the asset was down by 3.78%, hitting a monthly low of $2,850. Over the past week, Ethereum showed a positive price chart, which is up by 10.91% from $3,032 to $3,496. At press time, ETH traded at $3,420, with a market cap of $406 billion. And the daily trading volume has increased by 49.34%, to $19.13 billion, as per CMC data.
The short-term 21-day moving average (21MA) stays at $3,233, and the 9-day moving average (9MA) is at $3,191. This suggests the current bullish rally, as both MAs are below the current price. Meanwhile, the daily relative strength index (RSI) stands at 56.57, indicating that ETH is in a neutral condition.
ETH Price Chart (Source: TradingView)
As the ETH price is raised by the bulls, the initial resistance may find itself in the $3,572 range. Besides, a higher resistance can be at $3,778 if the bull run persists. Conversely, the Ethereum price can fall to the level of $3.1K in case the bears overpower the bulls. And the immediate support may seemingly be found at $2,876.
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