Ethereum sustains about $2,700 and is aiming for a breakout rally. With the growing institutional support, the SEC has acknowledged the possibility of a new feature for the Ethereum ETFs.
This quick development over the past 24 hours has increased the hype around Ethereum. Will the increased hype result in a new bull run for the biggest altcoin? Let’s find out.
Ethereum’s Price Action and Key Resistance Levels
In the 4-hour price chart, the Ethereum price trend highlights a triangle pattern. Currently, the Ethereum price rallies within the pattern to challenge the overhead trendline.
Trading at $2,741, Ethereum is also facing resistance from the 100 EMA line at $2,761. A potential breakout above this will likely challenge the 200 EMA line at $2,900.
Supporting the upside chances, the 4-hour RSI line has crossed above the halfway level, entering the nearly overbought zone. Thus, the momentum indicator reflects the surge in bullish momentum.
Institutional and Whale Activity
With the Ethereum price trend gradually gaining momentum, the daily total net inflow of Ethereum ETFs has risen to $19.02 million. Fidelity bought $24.47 million worth of Ethereum on February 19, while Grayscale dumped $5.45 million in the market.
The cumulative total net assets held by the US Ethereum ETFs is $10.31 billion, or nearly 3.14% of the Ethereum market cap.
As per the latest post from Ali Martinez, the whales have bought 430,000 ETH in the last 72 hours. This highlights the growing demand and hints at a potential bullish comeback.
SEC Acknowledges of Ethereum ETF Staking Request
As the foundation strengthens for Ethereum, the SEC has acknowledged the 19B-4 filing for the Ethereum ETF staking feature. The filing was made by Cboe BZX Exchange on behalf of 21Shares. 21Shares is currently holding $19.85 million worth of Ethereum.
ETH Price Targets
With the rising hype, the Ethereum price trend aims to surpass the overhead trendline. The potential triangle breakout, Ethereum will mark a trend reversal run. This will significantly increase the chances of ETH price reclaiming the $3,000 mark and starting a run towards $4,000. On the flip side, the crucial support levels for Ethereum are at $2,400 and $2,200.