Over the weekend, Ethereum’s price has been on a bullish trend, and Bitcoin is still in a strong position. With the Ethereum ETF S-1 expected to be approved by the end of the summer, ETH is looking to break through the current resistance and reach $4,200.
The price of Ethereum increased by 8% over the weekend as investors resumed their interest in the asset. The price dropped to $3,362 before commencing an ascent over the weekend. By Monday’s European business hours, ETH was hovering around $3,586, up 1.2% in 24 hours but down 2.7% over the previous 7 days. Meanwhile, Bitcoins price remained in a stabilization zone, with a directional move likely shortly.
Ethereum Price Forecast: Bulls Leverage Significant Support
Final week, ETH’s cost fell for eight successive days, from $3,878 to $3,362. The asset breached a crucial support level during the decline that kept it above $3,650. The resulting panic was used by bears to push prices even lower.
Ultimately, another more robust support structure between $3,400 and $3,250 was exploited by the bulls to turn the market movement of Ethereum back into an upward trend. It is premature to say whether the asset has entered another consolidation zone between $3,600 and $3,300. Breaking above the $3,600 support level that has turned into resistance is the bulls’ primary obstacle. With some resistance at $3,800 and $3,900, the ETH price might surge to $4,216 if they are successful.
Meanwhile, Bitcoin is hovering around the crucial support level of $65,000 and is in a crucial position on its daily chart. When the bears attempted to push the price below the support level on Friday, the bulls resisted them fiercely.
Spot ETF S-1 approval is most likely in late summer
By the end of the summer, Securities and Exchange Commission (SEC) Chairman Gary Gensler hinted at the possibility of an Ethereum ETF S-1 being approved. This news likely resulted in Ethereum’s price reversal over the weekend.
Spot ETFs have a long history of helping to boost cryptocurrency asset prices. As summer comes to an end, cryptocurrency markets are keeping a close eye on the approval of the Ethereum spot ETF. With the release of this data, Ethereum investors have entered a buy-rumor phase that could extend until the ETF is finally approved.
