Ethereum Analysis: ETH Set to Flip $3,000 as Clamour For ETF Grow

Ethereum ETF is gradually gaining more attention as many traders expect a massive rally in the build-up to the approval. To this effect, the ETF is gradually garnering interest from major companies.

For example, almost a week ago, Ark Invest and 21shares submitted an updated version of their filing for the said financial instrument. In response, the coin gained 2%. This move after Grayscale and BlackRock filed their’s almost a month ago. In addition to a growing list of firms interested in the ETH exchange-traded fund, Franklin Templeton recently made its interest known to the SEC.

With more asset managers filing for Ethereum ETF, the likelihood of its approval increases. As in the case of Bitcoin, traders may start stocking up in anticipation. This may be the needed catalyst to break the critical $2,700 resistance.

Ethereum is Bullish on the Short-term

A closer look at the indicators at this time is pointing to the apex altcoin as bullish. One such is the Moving Average Convergence Divergence. Many who look at the chart may conclude that it is silent. However, as a trend indicator, it clearly shows that the asset is on an uptrend. Additionally, the 12-day EMA and the 26-day EMA are both on the rise and showing no signs of a downtrend despite the small decrease the coin is seeing.

Matching the volume is the Accumulation and Distribution chart. The lines perfectly follow price action which means there are no false hikes as the current price matches the volume ETH is seeing at the time of writing. These metrics all point to the continuation of the coin’s climb.

Key Levels to Watch

Vital Support: $2,500, $2,300, $2,150

Vital Resistance: $2,700, $3,000, $3,400

The weekly chart reveals more resistance as it’s been a long time since ETH surged above $2,700. However, it is worth noting that the daily chart offers an important insight into the next price actions. A closer look at the chart above reveals a bearish flag pattern.

This means that the uptrend may come to a halt. If this happens, ether may drop to retest one or two of the highlighted supports. One such is the $2,500, currently exchanging at $2,618, the closest mark to the current price is $2,500. In recent times, it served as a shortterm support before it cracked. With fundamentals in view, the said mark may hold up for a few days until another uptrend starts.

However, if it breaks the next tough level to bank on is the $2,300 barrier. Although not one of the toughest, there is considerable demand concentration around it. Additonally, once it fails, the $2,150 is next.

Nonetheless, there are huge prospects for ETH. The key to attaining them is breaking the $2,700 resistance. Based on the 1-week chart, flipping this critical mark will see the asset slowly climb to test $3,000 with very little resistance. Previous records point at this taking place within two weeks of breaking it.

Climbing above $3k will be a huge milestone. However, the weekly chart places the next key target at $3,400. When this happens is a question time will answer.