2024-5-29 15:20 |
In the recent SEC’s spot Ethereum ETF approval for public trading, the price exploded near $4k but later cooled off after facing a rejection. It has resurged and is now on the verge of breaking higher.
Two weeks ago, Ethereum traded as low as $2,860 following a pullback from around $3,200. It pushed back and closed that week well above the $3,100 level with a choppy price action.
Trading volatility increased in the following week due to strong fundamentals surrounding the asset, it initiated a surge and exploded massively until the price tapped $3,949 after two months of trading.
A rejection occurred and the price retraced to $3,500 – providing a small discount for a buyback. The bulls reacted strongly to that retracement level and pushed the price back to the $3,800 range yesterday.
As Ethereum continued to show signs of strength by the day, it has posted another 4% gain to $3,954 in the last 24 hours and is now aiming to flip through its previously marked all-time high. A clear break above this high could trigger a stronger rally and the same time activate the most-anticipated bull run from a long-term perspective.
Rejecting the recent ATH may facilitate a retest of the crucial trendline that flipped as resistance during last week’s surge. A key double-bottom formation above the $2,800 level should bring the bulls back in action.
ETH’s Key Level To Watch Source: TradingviewEthereum has conquered several resistance levels in the past weeks, but the $4,093 resistance – the previous high – may pose a small threat. A clear break-up could send the price to $4,300 and $4,500 in the near term.
The latest surge is supported by $3,723 and $3,450. If ETH loses these price levels, $3,357, $3,222 and $3,000 would be the next support to keep in mind for a retest.
Key Resistance Levels: $4,093, $4,300, $4,500
Key Support Levels: $3,723, $3,450, $3,357
Spot Price: $3,954 Trend: Bullish Volatility: HighDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: promesaartstudio/123RF // Image Effects by Colorcinch
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