Ethereum Market Heats Up: Traders Eye $3.5K Amid Bullish Momentum

By: Isha Das

Anticipation surrounding the potential approval of an Ether exchange-traded fund (ETF) in the U.S., coupled with the powerful surge of the Ethereum market, has investors targeting a $3.5K price point. The introduction of traditional financial firms into the fray has greatly improved the medium-term expectations for the token.

The recent price momentum has cultivated a sense of bullish optimism, as Ethereum consolidates gains above the $2,770 support zone. With the price currently trading above $2,780 and the 100-hourly Simple Moving Average, investors are speculating a further upward trajectory towards the $3,000 resistance zone.

Significantly, a new multi-week high was achieved in the region of $2,826 and is now experiencing a period of consolidation. The immediate resistance is near the $2,825 level, with a major resistance hovering close to the $2,850 level. If the bullish momentum continues and successfully breaks the $2,950 resistance, Ether could potentially surge beyond the $3,000 marker, possibly even extending towards $3,045 level.

However, if Ethereum fails to clear the $2,825 resistance, it could trigger a downside correction. The main support could be the $2,640 level or the 100 hourly SMA, with any further losses possibly sending the price towards the $2,550 level.