Ethereum’s Soaring Value: Excitement Surges as Prospects for Ethereum Spot ETF Soar!

Ethereum experienced a significant surge of 20% and is currently trading above $3,620, with the potential for further gains above $3,720. This increase in price was triggered by reports that the SEC has requested exchanges to update 19B-4 filings for Ethereum Spot ETFs. As a result, the chances of spot Ether ETF approval have risen from 25% to 75%. On the daily chart, Ethereum cleared a major bearish trend line with resistance at $3,240. It also surpassed the $3,500 resistance and may continue to rise towards $4,000. Ethereum has settled comfortably above the $3,500 level and the 50-day simple moving average, outperforming Bitcoin. The current resistance zone is at $3,720-$3,740. If the price successfully breaks above the $3,800 resistance, it could lead to further increases and a test of the $4,000 and $4,080 levels. Conversely, if Ethereum fails to settle above $3,800, it may experience a pullback and find support at the $3,640 and $3,400 levels. A break below $3,400 could result in a test of the $3,240 and $3,000 supports. Overall, Ethereum’s price has gained bullish momentum and may continue to rise if it remains above the $3,500 zone.