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As a major bull market structure nears completion, Ethereum price may be gearing up for a historic rise. This coincides with the anticipated start date of the Ethereum ETF process. For now, Ethereum’s price has remained stable, dropping only 2.9% in the last 24 hours to $3,438 following the SEC’s approval of nine spot Ethereum ETF applications.
What’s Happening on the Ethereum Front?
Ethereum price shows a neutral to bullish trend. The chart indicates that the price is moving within a symmetrical triangle formation from points A, B, C, and D. The price is currently heading towards testing the upper boundary of the triangle, signaling a potential breakout. The symmetrical triangle is also part of a bullish pennant, a continuation pattern that could propel Ethereum to a 161% increase, reaching $9,600.
Ethereum price action is trading above the 50-day and 200-day exponential moving averages (EMA), which serve as support levels around $3,370 and $3,120, respectively. Eight spot Ethereum ETF funds have been approved by the SEC to start trading later today, and Ethereum’s price appears ready to surpass its previous all-time high. There is lower support around $2,800. On the other hand, Ethereum price prediction indicates that the asset may encounter resistance around $3,750, which coincides with the upper boundary of the symmetrical triangle.
Ethereum RSI data is currently at 55.96, showing bullish momentum as it rises above the neutral 50 level. The RSI is also above the moving average used to support the trend. CMF (20) data is at 0.15, indicating strong buying pressure with positive money flow.
Noteworthy Details
Major financial institutions and whales are moving funds in anticipation of the spot Ethereum ETF trades starting today. As confirmed by Bloomberg ETF expert Eric Balchunas, Grayscale has transferred over 292,000 Ethereum worth more than $1 billion to Coinbase.
Meanwhile, an Ethereum ICO whale has awakened after 9 years and activated their wallet. Whale Alert reports that the ICO address holds 977 Ethereum worth approximately $3.3 million. Speculation suggests these whales plan to exit their positions with the start of Ethereum ETF funds. The activation of dormant Bitcoin addresses also signals that this bull run might be different from previous ones.
