Ethereum Soars 20%: ETH Hype Escalates on ETF Rumors

Ethereum
price
rallied
over
20%
amid
rise
in
hopes
of
ETH
ETF.
ETH
broke
many
hurdles
and
even
broke
the
$3,500
resistance
zone.

• Ethereum
  started
  a
  fresh
  surge
  and
  cleared
  the
  $3,500
  resistance
  zone.
• The
  price
  is
  trading
  above
  $3,600
  and
  the
  100-hourly
  Simple
  Moving
  Average.
• There
  is
  a
  short-term
  rising
  channel
  forming
  with
  support
  at
  $3,640
  on
  the
  hourly
  chart
  of
  ETH/USD
  (data
  feed
  via
  Kraken).
• The
  pair
  could
  continue
  to
  move
  up
  unless
  there
  is
  a
  close
  below
  the
  $3,400
  support.

Ethereum
Price
Starts
Fresh
Uptrend

Ethereum
price
formed
a
base
and
rallied
above
the
$3,200
resistance
zone.
ETH
ETF
hopes
increased
with
the
recent
SEC
move.
Trades
took
advantage
of
the
recent
move,
resulting
in
a
strong
upward
move
above
the
$3,350
resistance
zone.

It
outperformed

Bitcoin
and
gained
over
20%.
There
was
a
strong
move
above
the
$3,500
resistance
zone.
It
traded
to
a
new
weekly
high
at
$3,721
and
is
now
consolidating
gains
above
the
23.6%
Fib
retracement
level
of
the
upward
move
from
the
$3,067
swing
low
to
the
$3,721
high.

Ethereum
is
now
trading
above
$3,600
and
the

100-hourly
Simple
Moving
Average.
There
is
also
a
short-term
rising
channel
forming
with
support
at
$3,640
on
the
hourly
chart
of
ETH/USD.

Immediate
resistance
is
near
the
$3,700
level.
The
first
major
resistance
is
near
the
$3,720
level.
An
upside
break
above
the
$3,720
resistance
might
send
the
price
higher.

The
next
key
resistance
sits
at
$3,800,
above
which
the
price
might
gain
traction
and
rise
toward
the
$3,880
level.
If
there
is
a
clear
move
above
the
$3,880
level,
the
price
might
rise
and
test
the
$3,950
resistance.
Any
more
gains
could
send
Ether
toward
the
$4,000
resistance
zone.

Are
Dips
Attractive
In
ETH?

If
Ethereum
fails
to
clear
the
$3,720
resistance,
it
could
start
a
downside
correction.
Initial
support
on
the
downside
is
near
the
$3,640
level
and
the
channel
zone.

The
next
major
support
is
near
the
$3,600
zone.
A
clear
move
below
the
$3,600
support
might
push
the
price
toward
$3,500.
Any
more
losses
might
send
the
price
toward
the
$3,400
level
in
the
near
term.

Technical
Indicators

Hourly
MACD

–
The
MACD
for
ETH/USD
is
losing
momentum
in
the
bullish
zone.

Hourly
RSI

–
The
RSI
for
ETH/USD
is
now
correcting
from
the
85
zone.

Major
Support
Level
–
$3,600

Major
Resistance
Level
–
$3,720