CDS Crypto News ETH Price Hits $1,630, Ethereum Bulls Could Take Action Any Moment
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ETH Price Hits $1,630, Ethereum Bulls Could Take Action Any Moment

Ethereum bulls may also be on the move as the ETH price is on the rise.

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ETH Price Hits $1,630, Ethereum Bulls Could Take Action Any Moment

Crypto News – Bulls have successfully resisted calls for a sell-off in response to rising inflation in the United States, and the ETH price is beginning the new week with notable increases. The most significant smart contracts token rallied off support at $1,600 and is currently trading at $1,630 as bulls take advantage of the better market sentiment after succumbing to selling pressure momentarily over the weekend.

ETH Price Hits $1,630, Ethereum Bulls Could Take Action Any Moment

The ETH price has maintained support above $1,530 despite the downward pressure on the market that has been there since June when the SEC sued Binance and Coinbase while also bringing Cardano (ADA), Solana (SOL), and Polygon (MATIC) into the picture.

Sideways trading may prevail until the ETH price weakens the immediate resistance at $1,632, which is emphasized by the 100-day Exponential Moving Average (EMA) (blue), according to the Moving Average Convergence Divergence (MACD) indicator. The immediate support is provided by the 50-day EMA (red) at $1,623, which relieves pressure on the key buyer-congested regions near $1,600 and $1,530, respectively.

Ethereum Needs to Continue Improving Its Current Outlook to Get ETF Approval

For Ethereum to maintain critical stability in advance of the real prospect of the first futures-based ETH exchange-traded fund (ETF) approval in the US, the current technical outlook must continue to improve. Despite not having a direct connection to the current price of Ethereum, industry experts, and analysts feel that a futures-based ETF demonstrates the regulatory body’s desire to license cryptocurrencies.

Following the approval of a comparable product in 2021, Bitcoin increased by more than 60%, considerably fueling the prior bull run. If the futures-based ETF is approved, Ethereum‘s live price is expected to do better than Bitcoin’s.

ETH Price Hits $1,630, Ethereum Bulls Could Take Action Any Moment
Sources:coingape
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lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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