- Ethereum targets $4,000 resistance after hitting a ten-week high at $3,949.
- Michael Saylor endorses SEC-approved spot Ether ETFs, bullish for Bitcoin.
Ethereum (ETH) is currently experiencing upward momentum, trading at $3,912 with a notable 4.50% surge and a substantial 78% increase in trading volume. This recent bullish activity follows ETH’s achievement of a ten-week high at $3,949 three days ago.
ETH is now consolidating near $3,850 and is poised for an upside break above the critical $4,000 resistance level. Immediate resistance is observed at the $3,880 mark, with the first major resistance at $3,920. An upside break above this level could propel the price higher, targeting the next key resistance at $4,000.
Significant market activities have influenced the trading dynamics. Notably, since April 8, the Ethereum address theunipcs.eth has spent 276.4 ETH (approximately $863,000) to acquire 4.56 billion FLOKI, now valued at $1.1 million. Additionally, the address invested 18.45 ETH (around $57,000) to purchase 6.27 billion MAGA, currently worth $3.48 million.
On a broader market scale, MicroStrategy founder Michael Saylor has recently expressed optimism about spot Ether exchange-traded funds (ETFs). Speaking with Bitcoin podcaster Peter McCormack on the May 25 episode of the “What Bitcoin Did” podcast, Saylor emphasized that the U.S. Securities and Exchange Commission’s (SEC) approval of eight spot Ether ETFs on May 23 bodes well for Bitcoin. “They serve as another line of defense for Bitcoin,” Saylor noted, highlighting the potential political and industrial support these developments bring to the entire crypto sector.
Can Ethereum Bulls Continue The Momentum?
Despite the bullish outlook, the daily Relative Strength Index (RSI) stands at 72, indicating an overbought condition which could lead to a downside correction if Ethereum fails to clear the $3,880 resistance. In such a scenario, initial support is seen at the $3,800 level, with major support around $3,735. A decisive move below this could push the price toward $3,630, marking critical levels to watch in the near term.
As Ethereum navigates these pivotal resistance and support zones, the coming days will be crucial in determining. That if whether ETH can sustain its upward trajectory or face a corrective phase.
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