ETH is soaring high in price riding on the soon-to-be SEC’s Ethereum ETF announcement, and it is going to go even higher.
ETH altcoin has started its dream bull run on the crypto exchange based on Ethereum ETF’s approval anticipation by the SEC. The altcoin has gained steadily upwards in the last 24 hrs. It has upsurged by an impressive margin of 19% and is currently above $3750 according to coinmarketcap.
With the announcement of Ethereum ETFs just around the corner it won’t come as a surprise if the costs cross $4000 soon!
Ethereum ETF Approval Pushing Upsurge?
The altcoin started a fresh upsurge after the anticipated SEC’s announcement of the ETH ETF. The coin moved above the resistance levels of $3500 and $36050 respectively on the crypto exchange.
ETH ETF announcement will occur anytime now, and the prime reason fueling the ETH bullish uptrend on the crypto exchange.
The altcoin has beaten Bitcoin’s (BTC) price and set a new weekly gain milestone on trading charts. It is currently consolidating gains, trading above the 23.6% Fib retracement level. The altcoin initially started at $3000 but is now safely above the $3750 level.
ETH Gains Sustainable?
ETH is facing resistance at $3800 price cap failing which ETH will start a downward correction. If the altcoin fails to cross the price barrier then the next support for the altcoin is at $3650 price cap.
There is also a strong probability ETH rise due to 50% Fib retracement level of the upward wave. It will push the altcoin from the $3,000 swing low to the $3,800 high.
ETH ETF is bringing euphoria to the global ETH crypto community. Investors should however remember that the nature of crypto is of volatility, they should do their own research or seek financial counsel before investing.
Also Read: Green Light for Ethereum ETH by SEC Soon?
