Ethereum

Bitcoin ETF

Bitcoin

The excitement surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the cryptocurrency domain continues to grow, despite the U.S. Securities and Exchange Commission (SEC) moving slowly in reaching a decision. Both investors and institutional participation have propelled several cryptocurrencies to significant surges, breaching key resistance levels for Ethereum (ETH). Ethereum breaks crucial resistance 
Recent data from IntotheBlock, an on-chain analytics firm, reveals that Ethereum successfully surpassed a critical resistance range of $1,982 to $2,044. During this breakout, 1.67 million wallets collectively acquired 38.7 million ETH. With the path ahead appearing relatively clear and robust support below, maintaining levels above this crucial demand area may pave the way for Ethereum to achieve new highs for the year. 
This information is shared by a prominent trader and analyst, Ali, on X (formerly Twitter). 
Moreover, IntoTheBlock’s data indicates that over 96% of ETH holders are currently in profit, having bought below the range of $2,106 to $2,111. Only 3.72% of ETH holders are experiencing losses, with 0.04% at breakeven. ETH faces strong resistance at $2,140 level 
From a technical analysis perspective, ETH is on the verge of breaking out of the ascending triangle pattern and is currently facing strong resistance at the $2,140 level on a weekly time frame. This marks the third instance where ETH has faced this resistance level, if this level breaks we might experience a significant price surge. 
Also Read: <a href="https://news.todayq.com/blackrock-lays-its-eyes-on-ethereum-etf/">Blackrock lays its eyes on Ethereum ETF</a> 
Historical data suggests that ETH typically experiences a reversal from this level, but the potential approval and excitement surrounding a spot Bitcoin ETF may assist in breaking this formidable resistance zone. 
Presently, ETH is trading near the $2,100 level, and in the last 24 hours, its price has experienced a quiet 2% upside movement. However, its volume in the last 24 hours has declined by 19.71%, standing at approximately $9.5 billion. Additionally, in the last 30 days, ETH has shown a significant upside momentum of 15%, while Bitcoin has experienced a 10% upside movement over the same period. 
© Todayq News

1.67 mln wallet acquire 38.7 mln Ethereum, Eth in the buy zone?

Todayq News

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