Key Highlights
- Ethereum started a fresh rally toward the $4,000 zone after ETH ETFs were approved by the SEC.
- ETH price is facing resistance near $3,950 on the 4-hour chart.
- Bitcoin price corrected gains from the $72,000 resistance.
- Oil prices recovered and climbed above the $79.20 resistance.
Ethereum Technical Analysis
Ethereum started a fresh surge after the SEC approved ETH ETFs. ETH price outperformed Bitcoin and climbed above the $3,650 resistance zone.
Looking at the 4-hour chart, the price even settled above the $3,700 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). However, it is facing resistance near the $3,950 level.
The next major resistance is near the $4,000 level. A daily close above the $4,000 resistance zone could start another steady increase. In the stated case, the price may perhaps rise toward the $4,200 level. The next stop for the bulls may perhaps be near the $4,500 level.
If not, the price might start a downside correction and test the $3,720 support level. The next major support is near $3,650, below which the price could slide toward $3,520. Any more losses might call for a move toward the $3,240 level and the 200 simple moving average (green, 4-hour).
Looking at Bitcoin, the bears seem to be active above the $70,000 level and they are aiming for a fresh drop toward the $65,500 level.
Economic Releases
- Fed’s Williams speech.
- Fed’s Beige Book.
