On February 25th, Ethereum surged above the critical resistance level of $3,036, indicating the initiation of its next upward trajectory. This surge in Ethereum’s price is largely attributed to anticipation surrounding the approval of a spot Ether ETF in the United States, pending a decision from the SEC. Furthermore, the demand for leverage in the Ethereum market has surged, as evidenced by Ether futures open interest surpassing $10 billion. This notable increase in leverage has raised concerns among bulls, particularly given the historical precedent. The previous peak in Ether futures open interest, exceeding $11 billion in November 2021, coincided with ETH’s all-time high.
At the time of writing, ETH was trading at $3,219.
ETH after making the high of $2,715 on 12th JAN witnessed some profit booking and the prices corrected to $2,168. The asset retested the key support level of $2,150 and resumed the up-move. The prices surged almost by 50% and made a high of $3,270. ETH has a strong resistance at $3,400 whereas $3,000 will now act as a strong support level for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,750 | $3,000 | ETH | $3,400 | $3,750 |
