Current trend

The ETH/USD pair began the week with a significant increase within the general market trend: quotes rose to the area of 2358.00, but then partially lost their positions, while maintaining the potential for strengthening upward dynamics.

The price increase is still supported by the expectation of approval for the launch of a spot bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). Officials will hold a vote on this issue on Wednesday, and most experts await a positive outcome for the crypto industry. Market participants considered the publication of a new warning for investors about the risks of buying digital assets to be a key signal of this, since in this way officials are trying to absolve themselves of responsibility after the approval of the ETF. It is believed that the first new financial instrument will be launched by the investment giant BlackRock Inc., however, it is possible that the SEC will approve all applications, which now number more than 10.

The appearance of the first bitcoin ETF may have a positive impact on the launch of a similar ETH-based instrument, which BlackRock Inc. has already filed in November 2023. The fund was named iShares Ethereum Trust, and its listing was to be carried out by the Nasdaq exchange.

Support and resistance

Now the price is close to the level of 2375.00 (Murrey level [3/8], the upper line of Bollinger Bands), the breakout of which will open the way for further growth to 2500.00 (Murrey level [4/8]), 2625.00 (Murrey level [5/8]) and 2750.00 (Murrey level [6/8]). A breakdown of the 2125.00 mark (Murrey level [1/8]) will indicate an attempt to change the current uptrend and resume the decline towards the targets of 2000.00 (Murrey level [0/8], 38.2% Fibonacci retracement) and 1875.00 (Murrey level [-1/8]).

Technical indicators do not give a clear signal: Bollinger Bands are horizontal, MACD is stable in the positive zone, and Stochastic is reversing up.

Resistance levels: 2375.00, 2500.00, 2625.00, 2570.00.

Support levels: 2125.00, 2000.00, 1875.00.

Trading tips

Long positions can be opened above the 2375.00 mark with targets at 2500.00, 2625.00, 2570.00 and stop-loss around 2285.00. Implementation period: 5–7 days.

Short positions can be opened below the level of 2125.00 with targets at 2000.00, 1875.00 and stop-loss around 2215.00.