Ethereum

The Commission

Bitcoin

Spot

<ul>
 <li>Ethereum (ETH) price has soared to the $3700 level in the past 24 hours.&nbsp;</li>
 <li>The SEC’s recent announcement associated with spot ETH ETFs has increased its approval probability to 75%.</li>
</ul>
The entire crypto market has leaned toward an upsurge, rising its valuation to $2.6 trillion. Bitcoin and the family of altcoins have experienced price hikes. Over the past 24 hours, Ethereum (ETH), is spearheading the bullish rally with a 17% surge in price and by breaking recent resistance levels.
The largest altcoin witnessed a bullish rally after the SEC’s recent announcement on Spot ETH ETF 19b-4 filings. The Commission asked exchanges and issuers wishing to list spot ETH ETFs to amend their 19b-4 filings. This has raised the probability of Spot ETH&nbsp; ETFs approval from 25% to 75%, as per analysts.&nbsp;
<h3 class="wp-block-heading" id="h-ethereum-24h-price-analysis">Ethereum 24H Price Analysis</h3>
Ethereum market price witnessed a momentous upward spike soaring closer to the $4K Mark. At the time of writing, ETH traded at $3672 climbing from the recent recovery of $3125 last week. On May 20, prices had sustained at the $3100 level showing momentary hikes to $3146. Towards closing, it broke resistance and went on an upward trajectory&nbsp; finding support at $3441.&nbsp;
Furthermore, May 21 witnessed another round of upsurge with the altcoin hitting new weekly highs of&nbsp; $3719 momentarily according to TradingView data. Since then, it has sustained around the $3600 mark with a 78.28 volatility index. According to data from <a href="https://in.tradingview.com/symbols/ETHUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>, the 9-day SMA is at $3326 highlighting the altcoin’s bullish trend.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/V8L7XjFP8QbbAS_722pJBKw37f-mqkIV8950mamdzcpDJJvxm2pxfQyMN-86udEhLeUIuU8Gc7j5m7AQXuixnwZTIUGqS1MwfMopW336GynIv15EDlw2ScdGV7Hl1dRTqaX0MaRjJx49V-jdiwMtFYA" alt="">
 <figcaption class="wp-element-caption">Ethereum (ETH) 4H Price Chart (Source: <a href="https://in.tradingview.com/symbols/ETHUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Zooming out, Ethereum prices over the month had struggled to break the $3K resistance, until the recent past. Prices had ranged at the margin between $2900 and $3K with constant price dips rather than hikes. Additionally, the price performance has shown an upsurge of 16% this month.&nbsp;&nbsp;
Moreover, ETH’s year-to-date price performance stands at a positive 61.31%. The trading volume has increased by a staggering 255% in the past 24 hours with $37 billion being traded currently, according to <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">CMC</a> data. In terms of market sentiment, the altcoin has propelled into the overbought state with an RSI of 86.47.&nbsp;
Additionally, analysts have predicted ETH price to hit $4k by the end of this month. When looking at TradingView charts, the <a href="https://thenewscrypto.com/eth-price-analysis-will-it-hit-4k-by-the-end-of-may/" target="_blank" rel="noopener noreferrer nofollow">ETH price</a> needs to break the resistance of $3938 before proceeding to break a higher resistance of $4089. Such an occurrence can be expected if the bulls sustain their recent comeback.&nbsp;
Finally, the impending SEC’s Ethereum Spot ETF <a href="https://thenewscrypto.com/spot-ethereum-etf-decision-looms-as-secs-deadline-draws-near/" target="_blank" rel="noopener noreferrer nofollow">approval</a> is expected to be a significant external influence on Ethereum price this week. Furthermore, leading X crypto analyst Ali (@ali-charts) reported a recent ETH whale movement with 110K ETH being bought in the past 24 hours.&nbsp;
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Ethereum Price Soars 17%, Should Investors Bet For the $4K Bullish Rally?

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