thenewscrypto.com
- Ethereum ($ETH) price has soared to the $3700 level in the past 24 hours.
- The SEC’s recent announcement associated with spot $ETH ETFs has increased its approval probability to 75%.
The entire crypto market has leaned toward an upsurge, rising its valuation to $2.6 trillion. Bitcoin and the family of altcoins have experienced price hikes. Over the past 24 hours, Ethereum ($ETH), is spearheading the bullish rally with a 17% surge in price and by breaking recent resistance levels.
The largest altcoin witnessed a bullish rally after the SEC’s recent announcement on Spot $ETH ETF 19b-4 filings. The Commission asked exchanges and issuers wishing to list spot $ETH ETFs to amend their 19b-4 filings. This has raised the probability of Spot $ETH ETFs approval from 25% to 75%, as per analysts.
Ethereum 24H Price Analysis
Ethereum market price witnessed a momentous upward spike soaring closer to the $4K Mark. At the time of writing, $ETH traded at $3672 climbing from the recent recovery of $3125 last week. On May 20, prices had sustained at the $3100 level showing momentary hikes to $3146. Towards closing, it broke resistance and went on an upward trajectory finding support at $3441.
Furthermore, May 21 witnessed another round of upsurge with the altcoin hitting new weekly highs of $3719 momentarily according to TradingView data. Since then, it has sustained around the $3600 mark with a 78.28 volatility index. According to data from TradingView, the 9-day SMA is at $3326 highlighting the altcoin’s bullish trend.
Zooming out, Ethereum prices over the month had struggled to break the $3K resistance, until the recent past. Prices had ranged at the margin between $2900 and $3K with constant price dips rather than hikes. Additionally, the price performance has shown an upsurge of 16% this month.
Moreover, $ETH’s year-to-date price performance stands at a positive 61.31%. The trading volume has increased by a staggering 255% in the past 24 hours with $37 billion being traded currently, according to CMC data. In terms of market sentiment, the altcoin has propelled into the overbought state with an RSI of 86.47.
Additionally, analysts have predicted $ETH price to hit $4k by the end of this month. When looking at TradingView charts, the $ETH price needs to break the resistance of $3938 before proceeding to break a higher resistance of $4089. Such an occurrence can be expected if the bulls sustain their recent comeback.
Finally, the impending SEC’s Ethereum Spot ETF approval is expected to be a significant external influence on Ethereum price this week. Furthermore, leading X crypto analyst Ali (@ali-charts) reported a recent $ETH whale movement with 110K $ETH being bought in the past 24 hours.