Ethereum (ETH) Resumes Bullish Momentum, Surges Past $2300

• At the time of writing, ETH is trading at $2308, up 2.54% in the last 24 hours.
• If the price manages to climb over $2359 then it will rally further to test $2436 resistance level.

The price of Ethereum (ETH) has turned green, despite failing to maintain the momentum during the New Year. Bulls are extending the range formation and building up more trend impetus thanks to the robust purchasing action near the $2200 support zone.

Breakout opportunities are enhanced by the surge in purchasing pressure, as seen by the surge in trading volume that supports the recent price gains.

Ethereum (ETH) was able to record gains like other cryptocurrencies as the crypto market gained bullish momentum lately. With this upswing, investors hope for a bull run that would continue.

The past month alone has seen whales buy 410,000 ETH worth over $1 billion. The number of Ethereum kept in wallets ranging from one million to ten million ETH has been consistently increasing since the beginning of December last year.

High Volatility Expected Ahead

At the time of writing, ETH is trading at $2308, up 2.54% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 43.31%. The price earlier faced prolonged selling pressure and managed to find support at $2177 mark.

Source: CoinMarketCap

It started a fresh rally from this level and spiked all the way till $2359 level. If the price manages to climb over this level then it will rally further to test $2436 resistance level. However, if the price manages to go below $2177 level, then it will likely decline further to test $2126 support level.

In a remarkable surge since April 2022, Bitcoin surged beyond $47,000. Undoubtedly, the increasing buzz about the possibility of the first spot Bitcoin ETF being approved by the SEC is driving this increase. 

Market excitement has been heightened as analysts from Bloomberg Intelligence predict an astounding 95% chance of approval this week. High volatility is expected this week as investors and traders are keenly watching the decision by the U.S SEC that will likely alter the crypto landscape.