Ethereum Surges Over 20% as Rounds of Spot ETF Approval Loom Over the Market: Is a New ATH on its Way?

In a surprising move, the Ethereum price displayed a monstrous upswing of over 17% in a single day, which is not a common thing for the second latest crypto. The token has been trading within a tight accumulation and the rounds about the spot ETF approval have triggered a massive upswing. With this, the possibility of a revival of a bullish market has emerged, as the altcoins have also gained acute strength and printed huge profits since the early trading hours. 

Now that the token has reached the final resistance before the ATH, will the bulls display strength and breach the levels? 

Considering the market overview, the sentiments have just jumped in favour of the bulls as the participants have now become optimistic above the token. With this move, the ETH price just broke above the bearish, descending parallel channel and has exhibited acute strength. 

The daily chart of Ethereum displays the bulls in action as they successfully printed a huge bullish candle, elevating the levels from $3000 to $3700. Currently, the bulls are trying hard to stabilise the rally above the key resistance levels at $3678, which have a significant bearish presence. Previously, during the Q1 close, the bears prevented the rally from rising above these levels and currently they are utilising all their resources to prevent further gain. 

However, the bulls appear to be poised to mark $4000 this week and as a result, they are constantly offering fine downward pressure. As a result, the MACD displays a rise in buying pressure, but the levels remain within the negative range. A rise within the positive levels may certify a bullish continuation, which may be expected if the bulls hold a tight grip over the rally until the day’s close. 

Besides, Ethereum has also shown extreme strength against Bitcoin, as the ETH/BTC pair has also risen above the bearish accumulation. Therefore, one final push above $3700 may cause the rally to enter the resistance zone between $4013 and $4080. This move may pave the way for the ETH price to head towards the current ATH above $4800 and form a new one above $5000 very soon. On the other hand, Ethereum whales bought over 110,000 ETH in the past 24 hours worth around $341 million, which substantiates a bullish claim.