Ethereum

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-ascends-to-new-heights-as-market-anticipates-etf-approval" rel="noopener noreferrer nofollow">Ethereum Ascends to New Heights as Market Anticipates ETF Approval</a><br></p>
<p style="text-align: justify">Ethereum (ETH) has been exhibiting a robust upward trajectory, rebounding from a vital support zone at $2,200 and rallying towards the $2,600 resistance level. This rally accompanies a broader altcoin market surge, propelled by <a href="https://en.bitcoinhaber.net/bitcoins-hash-power-hits-historic-high-elon-musk-endorses-crypto-milestone" rel="noopener noreferrer nofollow">Bitcoin</a>‘s climb above $49,000. The market’s optimism is partly fueled by the prospect of an Ethereum ETF approval and the upcoming Dencun update, which is anticipated to drive Ethereum’s growth throughout the year.</p>
<h2 id="eth-readies-to-break-past-resistance">ETH Readies to Break Past Resistance</h2>
<p style="text-align: justify">The price movement of ETH suggests a bounce back from its previous slump, with an emerging trend that could extend the bullish run. This pattern, coupled with increased trading activity, points to a potential rounding bottom shape, signifying a strong continuation of the current upward trend.</p>
<p style="text-align: justify">Despite the formation of high price rejection candles at the $2,500 mark, which indicate a possible near-term retraction, the ongoing buying pressure is expected to keep the uptrend intact. Should this buying pressure persist, ETH’s price is poised to breach the $2,600 barrier.</p>
<h2 id="eth-eyes-the-3-000-milestone">ETH Eyes the $3,000 Milestone</h2>
<p style="text-align: justify">Trading at approximately $2,577, Ethereum has appreciated by 2.16% in the past day. An evening star pattern is emerging, but the cryptocurrency’s path to the $3,000 mark hinges on surpassing the immediate $2,600 threshold. Without this breakthrough, the uptrend may stall.</p>
<p style="text-align: justify">If a downward correction occurs, Ethereum might retest support at $2,363, correlating with the 23.60% Fibonacci retracement level. Nonetheless, technical indicators such as a climbing MACD and signal lines on the daily chart suggest that Ethereum is on the cusp of a significant bullish breakout.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-ascends-to-new-heights-as-market-anticipates-etf-approval" rel="noopener noreferrer nofollow">Ethereum Ascends to New Heights as Market Anticipates ETF Approval</a></h5>

Ethereum Ascends to New Heights as Market Anticipates ETF Approval

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