The crypto industry starts the day with a strong bullish sentiment as the SEC has given the approval of the Spot Bitcoin ETF which resulted in the market displaying significant price action. Further, the leader of altcoins, ETH has added over 8% to its portfolio over the past day.
The Ethereum price traded in a consolidated range between $2,248 and $2,137 for a while, following which the market gained momentum and the price successfully broke out of the range.
However, the rally was short-lived as the price faced rejection at $2,342, after which the ETH coin price traded under a bearish sentiment and experienced a pullback within the range. After multiple attempts, the bulls regained momentum and jumped over 11% in its valuation.
After facing a price restriction of $2,450, the star altcoin displayed significant price volatility and after a second failed attempt to break out of the resistance, the bulls lost momentum and recorded a correction of over 10%.
Following this, the price traded in a narrow space between $2,200 and $2,300 for a period, after which the bulls regained momentum and successfully broke out of the range. Recently, the price experienced a jump of over 16%, indicating a strong bullish sentiment in the market.
The technical indicator, MACD, displays a constant rise in the green histogram, indicating increased buying-over-selling pressure in the market. Further, the averages show a significant uptrend, suggesting a bullpower in the space.
Will Ethereum Rise Back Up?
If the bulls push the price above the resistance level of $2,615, the ETH price will regain momentum and test its upper resistance level of $2,700. Maintaining the price at that level will set the stage for the ETH price to attempt to test its resistance level of $2,750 in the coming time.
Negatively, if the bears overpowered the bulls, the ETH price will lose momentum and fall to test its support level of $2,500. Moreover, if the negative reversal occurs, the Ethereum price will plunge and prepare to test its lower support level of $2,450 by the weekend.