The Ethereum price soared above $3700 after withstanding a prolonged consolidation of around $3000 for a pretty long period. The main reason behind the surge is expected to be the higher chances of approval which attracted notable volume. Although the boom appears to have settled down, the price levels continue to hover around the gains, in the times when the BTC price slipped below $70,000.
This displays the growing strength among the bulls, which is further expected to intensify with the launch of the spot ETH ETF. On the other hand, the possibility of the price being largely unaffected or undergoing some minor variations has emerged. Does this mean, the ETH price may certainly not form a new ATH, if the decision on the spot ETF comes in favour of the markets?
The market sentiments continue to remain bullish, with the fear and greed index hitting 76 (Extreme Greed). The volatility levels also remain pretty high, which may attract traders to the platform. In such a case, a continued upswing may be imminent.
The Ethereum price appears to have been repeating the previous trend that occurred in the first few days of February. The price maintained a consolidated ascending trend when the stochastic RSI ranged from the lower zone to the upper threshold. This resulted in a bullish breakout of over 75% to mark new yearly highs above $4000. A similar consolidation and RSI movement are seen, which is expected to have a similar result over the ETH price rally.
The price has entered the bullish range, above the ascending trend line and entered the ascending triangle after the recent push. Therefore, consolidation is expected to prevail until the token reaches the apex, which may trigger a fresh upswing ahead. The StochRSI may remain stuck within the overbought levels for a while, which may lift the Ethereum price beyond the previous ATH, probably reaching above $5000.
Now that the decision on spot Ethereum ETF approval is on the horizon, a minor variation may be expected. But a steep rise towards a new ATH may consume more time, maybe somewhere by the middle or end of Q3 2024.
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