Ethereum Climbs on ETF Hype

Amidst the contagious hype surrounding the launch of spot Ether exchange-traded funds (ETFs) in the United States, Ethereum (ETH) has climbed above the $3,000 level.

Expected to launch during mid-July, the Ether ETF market craze has shifted the sentiment for Ethereum and the entire cryptocurrency market. What's next?

Daily time frame analysis

ETHUSD - 1 Day Time Frame

ETH's price previously rejected from the marked red 200 moving average (MA). However, it is currently robust just below the 200MA, preparing for the next price bump.

The reason Ethereum has held its support and appears stronger than Bitcoin is likely due to the fact that there is low selling pressure.

Ethereum might encounter some sellers in the marked resistance area. For Bitcoin, this area of resistance is $60,000, which, if flipped from resistance to support, would likely allow Ethereum to flip its resistance too.

Additionally, to induce a robust breakout and start the real bull market, ETH must start trading above the first Order Block. The most bullish scenario would be for ETH to start trading below the Local Top in the Order Block area, which was previously respected as resistance.

If Ethereum and Bitcoin move too fast, leaving inefficiencies behind, it may take more time for the breakout as they fill in those inefficiencies.

4-hour time frame analysis

ETHUSD - 4 Hour Time Frame

Given ETH's recent price behavior, choppy conditions are very possible, and the market might be volatile and unpredictable, despite the widespread bullish outlook for Ethereum.

Therefore, it is always advised to trade with caution and to be fully informed of the latest market revelations surrounding Ethereum and the wider crypto space.