Ethereum price rallied over 20% amid rise in hopes of ETH ETF. ETH broke many hurdles and even broke the $3,500 resistance zone.
Ethereum started a fresh surge and cleared the $3,500 resistance zone.
The price is trading above $3,600 and the 100-hourly Simple Moving Average.
There is a short-term rising channel forming with support at $3,640 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up unless there is a close below the $3,400 support.
Ethereum Price Starts Fresh Uptrend
Ethereum price formed a base and rallied above the $3,200 resistance zone. ETH ETF hopes increased with the recent SEC move. Trades took advantage of the recent move, resulting in a strong upward move above the $3,350 resistance zone.
It outperformed Bitcoin and gained over 20%. There was a strong move above the $3,500 resistance zone. It traded to a new weekly high at $3,721 and is now consolidating gains above the 23.6% Fib retracement level of the upward move
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