Highlights
- Ethereum price jumped 8% over the weekend after hitting lows of $3,362.
- SEC chair hints at a likely Ethereum ETF S-1 approval by the end of summer.
- Ethereum blob usage has been trending up for about 5 weeks now.
Ethereum price jumped 8% over the weekend as the asset experienced renewed investor interest. The price dipped to $3,362 before beginning an uptrend throughout the weekend. By Monday’s European business hours, ETH hovered around $3,586, marking a 1.2% increase in 24 hours but a 2.7% drop over the past 7 days. Meanwhile, Bitcoin’s price remained in a consolidation zone, with an anticipated directional move expected soon.
Ethereum Price Prediction: Bulls Take Advantage of Major Support
ETH price witnessed an 8-day continuous fall last week, going from $3,878 to $3,362. In the drop, the asset broke a critical support level responsible for holding it above $3,650. Bears took advantage of the ensuing panic to drive prices even lower.
The bulls eventually utilized another stronger support structure between $3,400 and $3,250 to bounce Ethereum price action back into an uptrend. The asset may have entered another consolidation zone between $3,600 and $3,300, but it is too early to tell. The bulls’ main challenge lies in breaking above the $3,600 support-turned-resistance. If they succeed, ETH price may rise to $4,216, with some resistance around $3,800 and $3,900.
Meanwhile, Bitcoin is at a crucial place on its daily chart, trending around a key support level ($65,000). On Friday, bears managed to push the price below the support level, but they were met with hostile rejection from the bulls. A clean break below this level would result in a further downside to $57,000. On the flip side, this support level is strong and has been tested three times before. A bounce from here may result in a BTC price surge to $72,500. A break above this might easily launch Bitcoin to new all-time high prices.
Spot ETF S-1’s Will Likely be Approved by the End of Summer
Gary Gensler, Chair of the Securities and Exchanges Commission (S.E.C.), hinted at a likely Ethereum ETF S-1 approval by the end of summer. This news may have likely caused the reversal in Ethereum price over the weekend.
Meanwhile, Ethereum blob usage has been trending up for about 5 weeks now as rollups continue to see more and more activity. Blobs improve the efficiency of Layer 2 (L2) transactions, reducing congestion and potentially cutting down on gas fees.
Bottom Line
Spot ETFs for crypto assets have historically been great price boosters. As summer approaches an end, the crypto markets watch closely for Ethereum Spot ETF approval. By releasing this information, Ethereum investors are now in a buy-the-rumor phase that may last until the eventual approval of the ETF.
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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.