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Ethereum Pumped Up 40% This Month Fueled By Spot ETF Approval 

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The second largest cryptocurrency, Ethereum (ETH) coin has backed momentum and pumped up over 25% this week. 

This week, the Ether Spot ETF approval news set the path toward the bull rally and a golden crossover was noted on the charts.

In the past weeks, the ETH coin reverted from the resistance mark of $4000 and retraced over 30%, which led to retesting the 200 day EMA mark. In addition, the lower low swings were witnessed.

Additionally, the breakout of the falling wedge pattern potentially reversed the downtrend and ETH coin is all set to reach its ATH mark in the upcoming sessions.

At press time, the Ethereum (ETH) price traded at $3909  with an intraday gain of 0.32%, reflecting bullishness on the chart. The trading volume spiked over 11.20% to $15.34 Billion in the last 24 hrs.

Ethereum (ETH) Witnessed Buyers Dominance, Here’s a Price Action Outlook

Recently, the Ethereum coin price flipped from the crucial support mark of $2800 and pumped over 40% this month. Moreover, a golden crossover was noted, which is a clear indication of whale buying activity.

Compared to Bitcoin (BTC), Ethereum coin have shown their dominance and revealed outperformance. Over the past 24 hours, ETH’s dominance has surged over 1.45%, while BTC’s dominance has decreased by 0.45%.


Source: TradingView

The price action replicates the volume buying activity and buyers are looking to cross the round $4000 mark.  A break and close above the $4000 mark would lead to trap the sellers and might trigger a sharp rally ahead.

The Momentum Indicator (RSI) curve sharply rose to the overbought zone, staying near 75, revealing a positive crossover on the charts.

Sharp Surge In TVL (Total Value Locked)

The Total Value Locked (TVL) of the Ethereum coin signifies an up move and rose over 32% to $66.3 Billion in the last two weeks.

Source: Artemis

In a recent tweet by Arthur Cheong, the founder and CEO of DeFiance Capital, believes that Ether could rally to the $4,500 mark before the first spot Ether ETFs start trading.

Futures OI Data Reveal Fresh Long Additions

The derivative future segment data plotted fresh long buildup activity and the open interest spiked over 1.52% to $17.35 Billion in the last 24 hrs.

Source: coinglass

Recent developments and Ether Spot ETF approval swings Ethereum price to flow with the bullish wave.

Meanwhile, the development activity data witnessed a slight decline from the high mark of 352 and dropped to 293.

Source: Santiment 

The Social Dominance data signifies sharp investor speculation and dropped over 23.29% to 9.274% this week.

Could ETH Surpass $4000 this Week?

Amidst the notable price rise of over 25% this week, Ethereum price is still eyeing to cross the $4000 mark, which is the prompt hurdle. If the bulls break the zone, a 10% uptick could be seen ahead.

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