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Home»EXCHANGE NEWS»Ethereum Soars 20%: ETH’s Exaggerated Claims on ETF Rumors
EXCHANGE NEWS

Ethereum Soars 20%: ETH’s Exaggerated Claims on ETF Rumors

By Crypto FlexsMay 21, 20242 Mins Read
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Ethereum Soars 20%: ETH’s Exaggerated Claims on ETF Rumors
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As expectations for the ETH ETF rise, the price of Ethereum rises by more than 20%. ETH has overcome many obstacles and even broke the $3,500 resistance zone.

  • Ethereum started a new surge and cleared the $3,500 resistance area.
  • The price is trading above $3,600 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a short-term ascending channel with support at $3,640.
  • Unless the price closes below the $3,400 support, the pair may continue to rise.

Ethereum price begins a new uptrend

Ethereum price formed a base and rebounded above the $3,200 resistance zone. Recent SEC moves have raised expectations for the ETH ETF. The trade took advantage of the recent move to see a strong rally above the $3,350 resistance zone.

It has risen more than 20%, outperforming Bitcoin. There was strong movement above the $3,500 resistance zone. It traded at a new weekly high of $3,721 and is currently consolidating gains above the 23.6% Fib retracement level, rising from the $3,067 swing low to the $3,721 high.

Ethereum is currently trading above $3,600 and the 100-hour simple moving average. Additionally, a short-term upward channel has formed on the hourly chart of ETH/USD with support at $3,640.

Immediate resistance is near the $3,700 level. The first major resistance is near the $3,720 level. An upside reversal above the $3,720 resistance could push the price higher.

The next major resistance level is $3,800, above which the price may gain traction and advance towards the $3,880 level. A clear move above the $3,880 level could push the price higher to test the $3,950 resistance. Further gains could lead Ether towards the $4,000 resistance zone.

Is a decline attractive in ETH?

If Ethereum fails to clear the resistance at $3,720, a downward correction could begin. Initial support on the downside is near the $3,640 level and channel area.

The next major support level is near $3,600. A clear move below the $3,600 support could push the price towards $3,500. More losses could push the price towards the $3,400 level in the near term.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.

RSI per hour – The RSI for ETH/USD is now correcting in the 85 area.

Key Support Level – $3,600

Key Resistance Level – $3,720

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