As the launch of spot Ether ETFs approaches within the next two months, Ethereum bulls are reasserting their dominance. Over the past 24 hours, Ethereum (ETH) has surged by 5%, reaching $3,957 and boosting its market cap to $469 billion. Daily trading volumes for Ethereum have also seen a substantial increase, rising by 68% to nearly $17 billion. Following last week’s announcement of the spot Ether ETF, ETH’s price briefly consolidated before continuing its upward trajectory. This renewed bullish sentiment appears to be driven by the anticipation of the ETF launch, indicating that investors are positioning themselves for potential further gains shortly.
At the time of writing, ETH was trading at $3,845
ETH after making the high of $4,093 witnessed a sharp profit booking and the prices corrected almost by 31% and dropped to $2,817. On a daily time frame, the asset was trading in a ‘Descending Triangle’ pattern and was taking multiple supports at $2,850. The bulls finally succeeded in giving a breakout above the pattern and prices have rallied up to $3,977. However, ETH has a strong resistance at the psychological level of 4,000, once it breaks, closes and sustains above this level then we may expect it to further rally up to $4,500.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $3,350 | $3,700 | ETH | $4,000 | $4,500 |
