Ethereum Soars on ETF Hopes, Lifting the Market

By: Eliza Bennet

Ethereum has seen a remarkable surge, skyrocketing over 20% amid rising speculation that an ETH ETF approval is imminent. This bullish sentiment has also lifted other cryptocurrencies like Arbitrum and Optimism.

Ethereum started a fresh surge, clearing the $3,500 resistance zone and now trading above $3,600 and the 100-hourly Simple Moving Average (SMA). With increasing optimism, Ethereum outperformed Bitcoin and reached a weekly high at $3,721.

The rising momentum, possibly fueled by recent SEC moves, has resulted in significant gains. Ethereum is now consolidating above the 23.6% Fib retracement level of the upward move from $3,067 to $3,721 and forming a short-term rising channel with support at $3,640 on the hourly chart.

However, should Ethereum fail to clear the $3,720 resistance, it might face a downside correction with the next support levels at $3,640 and $3,600. On the upside, breaking through the $3,720 resistance could propel its price to new heights.