Ethereum surpasses Bitcoin on the back of a historic SEC decision

The price of ethereum ETH $2,339.78 Bridged Ether (StarkGate) -1.00% Market capitalization $42.92 million VOL. 24 hours $0.5 billion has risen above the $ 2350 level, as a result of the US Securities and Exchange Commission’s (SEC) approval of spot ETFs on bitcoin. It is noteworthy that bitcoin BTC $75,798.05 Mezo Wrapped BTC -0.46% Market capitalization $0.1 billion VOL. 24 hours $0.64 billion did not see any significant growth, while ETH gained bullish momentum.

On the hourly chart of ETH/USD, there was a breakout above the key ascending channel with resistance at $ 2,440. The pair rose by more than 5% and even overcame the resistance zone at $ 2,500. There was a jump above the $ 2,600 resistance zone. A new multi-week high was formed at $ 2,642, and the price is currently consolidating gains.

Further, according to the chart below, there was a slight decline below $ 2,600, but Ethereum remained above the $ 2,346 level. Ethereum is now trading above $ 2,500 and the 100-hour simple moving average.

If there is a new rise, the price may face resistance near the $ 2,650 level. The next major resistance is at $ 2,720. A confident breakout of $ 2,720 could send ETH to $ 2,780. A close above the $ 2,780 resistance could push the price into a prolonged bullish zone.

The next key resistance is at $ 2,840. If the bulls push Ethereum above $ 2,840, the leading altcoin could rally to $ 2,920. Any further growth could send the price to the $ 3,000 area.

If Ethereum fails to overcome the resistance of $ 2,650, a downward correction may begin. Initial downside support is in the $ 2,580 range.

The first key support may be the $ 2,500 area. A breakdown and close below $ 2,500 could lead to a further decline in the price. In this case, the ethereum may test support at $ 2,440. Any further losses will send the coin to the $ 2,350 level.

Technical indicators:

• The hourly MACD (atrend-tracking tool that uses moving averages to determine the momentum of a cryptocurrency — ed.) for ETH/USD is gaining momentum in the bullish zone.
• The hourly RSI for ETH/USD is now above 50.
• The main support level is $ 2,500
• The main resistance level is $ 2,650