The post Ethereum Pumped Up 40% This Month Fueled By Spot ETF Approval  appeared on BitcoinEthereumNews.com.

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%. TheCoinRepublic 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%…

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Filed under: News - @ May 28, 2024 10:24 pm