The Ethereum price skyrocketed over 23% in the last 24 hours. This comes after a period marked by skepticism. During this time, several leading Bloomberg ETF analysts considered the approval of spot Ethereum ETFs by the U.S. government unlikely. However, they have now revised their outlook to view these approvals as much more probable. 

“James Seyffart and I are boosting our probability estimates for the approval of spot ether ETFs to 75% (previously 25%),” Bloomberg Senior ETF Analyst Eric Balchunas shared on X.

Similarly, Seyffart, also an ETF analyst at Bloomberg, expressed optimism on the same social media platform. “This week, the situation regarding Spot ethereum ETF approvals seems to be improving,” he noted.

Ethereum Price Technical Overview

Throughout the past 48 hours, ETH has exhibited notable volatility with closing prices spanning from $3,660.49 to a peak of $3,777.97. This swift price movement has pushed the crypto above both the 9 Exponential Moving Average (EMA) and the 20 EMA, signaling a strong bullish trend. As of the latest data, the 9 EMA stands at $3,542.27, comfortably above the 20 EMA at $3,352.39. This indicates sustained upward momentum.

Related: EVM Meaning Crypto: Decoding Ethereum’s Virtual Machine

The Moving Average Convergence Divergence (MACD) further corroborates the bullish outlook. The MACD line has remained above the signal line in the recent periods. The histogram, a measure of the momentum, has also been positive, peaking at 68.69 in the latest period, which suggests increasing buying pressure.

The Relative Strength Index (RSI), another critical indicator, has consistently hovered near the overbought threshold with a reading currently at 86.54. While high RSI levels typically warn of potential price reversals, the persistent strength reflects strong buyer enthusiasm which might support further price gains, unless a significant divergence occurs.

Looking at ETH’s trading volumes, there has been a mix of high and moderate activity. The most recent sessions show a decrease. This variation in volume suggests that traders should keep an eye for increased activity, which might validate further bullish or bearish signals.

Ethereum Price Levels to Watch

From a technical perspective, the Ethereum price is currently testing resistance near the $3,777.97 mark. If the bullish momentum continues, the next key resistance levels to watch are $3,879.74, $3,944.82, and closely followed by $3,950.46. On the downside, should a reversal occur, support can be found at $3,688.9, with further support at $3,560.82 and $3,491.18. Traders might consider these levels as potential entry or exit points for both long and short positions depending on their risk appetite and trading strategy.

Given the strong bullish signals from both EMA and MACD indicators, traders might consider looking for opportunities to enter long positions on minor pullbacks towards key support levels. Conversely, setting stop-loss orders below these support levels could help manage risks should the trend reverse. Short positions might be considered if there’s a clear reversal signal, especially if the RSI shows significant divergence or if trading volumes drop sharply.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinomist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.