Ether’s (ETH) price has risen back above $3,300 after rallying 10% over the last three days. The price of the second largest cryptocurrency by market capitalization was trading at $3,346 at the time of publication, up 4% over the last 24 hours.
The rise in Ethereum’s price mirrored a recovery in the wider crypto market which had increased by 3.55% over the same period to rest at $2.3 trillion. Bitcoin (BTC) has also rallied 4.3% to reclaim the $62,000 level.
Ether’s trading volume has also jumped by over 33% over the last 24 hours to $13.13 billion, asserting the strength of the recovery.
Ether’s strength appears to be fueled by the expectation that spot Ethereum ETFs may start trading in the United States this week.
“Welcome to spot eth ETF approval week.” declared Nate Geraci, ETF analyst and president of The ETF Store in a July 15 post on the X social media platform.
Geraci forecasts that the roster of eight spot ETH ETFs would be launched by the end of this week.
Welcome to spot eth ETF approval week…
I’m calling it.
Don’t know anything specific, just can’t come up w/ good reason for any further delay at this point.
Issuers ready for launch.
— Nate Geraci (@NateGeraci) July 14, 2024
Several issuers — including VanEck and 21Shares — filed amended registrations last week in hopes of receiving the SEC’s final signoff to begin listing spot Ether ETFs.
Many analysts tip the launch of the ETFs as a major catalyst for the price of ETH in the coming months.
Ethereum price outlook
The ETH price continues to nurture a V-shaped recovery chart pattern on the daily chart, as shown below. The appearance of four consecutive candlesticks on the daily chart shows that bulls are taking control of the price.
The 50-day exponential moving average (EMA) at $3,331 is acting as immediate support for the token.
The relative strength index (RSI) is facing upward and the price strength at 56 suggests that the buyers were returning to the scene. As such, increased buying from the current levels will see the price rise to confront resistance from the psychological level at $3,500 and later rise toward the $3,800.
Higher than that, the price of the smart contracts token could rise to confront resistance from the psychological level at $3,900. A daily candlestick close above this level could see Ethereum rise to hit the neckline of the prevailing chart pattern at $3,974. Such a move would bring the total gains to 18%.
ETH/USD daily chart. Source: TradingView
On the downside, a daily candlestick close below the $3,300 level would suggest the inability of the buyers to sustain the recovery.
If this happens, the sellers may pull Ether’s price lower, with the 200-day EMA at $3,091 providing the first line of defense. Losing this support would see ETH drop to the chart’s bottom at $2,800 or lower to the $2,000 major support level.
