Ether Value Surges by 37% Within a Month, Despite SEC's Uncertainties Regarding ETH-Based ETFs, Yet Traders Opt for a Free ICO that Offers Bitcoin
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Ethereum, the second largest cryptocurrency, surged an astounding 37% in the past week, despite experiencing a minor drop of less than 1% over the previous 24 hours. At the time of writing, Ethereum is trading at an impressive $2,488, with trading volume jumping 20% to an impressive $11.8 billion.
This monumental increase comes at a time when the US Securities and Exchange Commission (SEC) published a warning concerning Ethereum and Solana exchange-traded funds (ETFs). The SEC raised concerns about their registration and eligibility for exchange listing, questioning if these ETFs, which include staking components, meet the legal definition of an investment company as specified in the Investment Company Act of 1940.
As we delve into Ethereum's price prediction, let's take a closer look at the recent bullish cup and handle formation and its testing of the 200-day Simple Moving Average (SMA).
Ethereum Price: A Tale of Recovery
The recent price action of Ethereum presents a compelling story of a market in recovery following a prolonged downtrend.
The Ethereum price has formed a descending channel spanning late 2024 into early 2025, culminating in a rounded bottom that hints at a potential continuation of the upward trend, much like a classic cup and handle pattern.
After bottoming out in mid-April 2025, Ethereum has embarked on a notable rally, breaking above resistance near $2,150, which also coincides with the 50-day SMA. This breakout was followed by a period of consolidation just below the 200-day SMA around $2,680, creating the "handle" part of the cup and handle structure.
This consolidation within the broader bullish setup suggests the market is preparing for a potential breakout above the $2,680 resistance level, presenting an exciting opportunity for investors.
Meanwhile, the Relative Strength Index (RSI) currently stands at 53.71, suggesting neutral momentum. This level indicates that there is room for significant price movement in either direction, as it does not indicate an overbought or oversold condition.
Given the bullish cup and handle formation and Ethereum testing the 200-day SMA, a confirmed breakout above the $2,680 resistance level could propel the price of Ethereum towards the next major resistance near $3,500. This projected move aligns with a measured target of approximately 38% upside.
However, failure to break and close above the 200-day SMA might suggest continued consolidation or a possible retracement back to support levels around $2,150 (50-day SMA) or $1,900.
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Bonus Insights:
- Ethereum Price Prediction Analysis: At the time of writing, Ethereum's price experienced a slight pullback, but bullish momentum remains intact. The current trend suggests that Ethereum may trade in a relatively tight range until it breaks above the $2,680 resistance level.
- Impact of SEC Warning: The SEC's warning about Ethereum and Solana ETFs has not appears to have negatively impacted Ethereum's price at this time. However, it is something investors should keep an eye on moving forward.
Leveraging the latest advancements in technology, our Telegram group offers you the opportunity to invest wisely in the dynamic field of cryptocurrency, with a focus on Ethereum. As Ethereum has demonstrated a remarkable recovery, having formed a bullish cup and handle pattern, a confirmed breakout above the $2,680 resistance level could potentially drive its price towards the next major resistance level of $3,500, resulting in an impressive 38% growth. Meanwhile, a new Bitcoin-themed meme coin, BTC Bull Token, is promising to reward its holders with free Bitcoin through scheduled airdrops.
