Ethereum Breaks $3.3K Barrier Ahead of Spot ETF Launch

• Ethereum price has observed a 4.41% increase in the last 24 hours.
• This week anticipates the launch of ETH spot ETFs.

Ethereum (ETH) is in a brief bullish swing. Over the past 24 hours, after a 4.71% spike, the second-largest cryptocurrency marked a high of $3,373. This surge comes alongside Bitcoin’s recoup of over 4% to $63.2K. 

ETH crossed the $3.3K threshold amid this week’s highly anticipated spot ETH ETFs (exchange-traded funds) trading approval. As per renowned analysts, the market highly anticipates the launch of ETFs and its impact on the asset’s price. Notably, the president of the ETF store, Nate Geraci posted his opinion on X, that the spot Ethereum ETFs will be launched by the end of this week. 

Meanwhile, the liquidation of Ethereum in the last 24-hour time frame with a liquidation of $24.89 million worth of ETH. Over the past six hours, nearly 57,879 ETH worth $193 million, exchanged among Ethereum whales across various exchanges including Binance, Kraken, and Coinbase. 

Will the Bulls Breach the Next Resistance?

ETH climbed from $2,906, resulting in a spike of 9.48% over the past week. By evaluating the monthly price chart, ETH was down by 5.52% hitting a monthly low in the range of $2.8K. At the press time, ETH traded at $3,347, with a market cap of $402 billion. The daily trading volume has increased by 35.50% and stood at $13.38 billion, according to CMC data. 

The daily relative strength index (RSI) stands at 54.29, suggesting the asset is in the neutral zone. The short-term 9-day moving average (9MA) of $3,123 is below the 21-day moving average (21MA) of 3,226 and both the MAs stay below the current price, indicating a bullish trend. 

ETH Price Chart (Source: TradingView)

If the ETH bull revival occurs, the price may find the initial resistance at $3,517. And further, it might test a higher resistance at the $3,730 range if the bulls stayed strong. If the bulls fail to defeat the bear hold, the ETH price may fall to $3K. The immediate support may likely be found at $2,797. 

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