Ethereum rallied over 6% in the last 24 hours to break back above previous resistance around $2,400. The successful retest sets the stage for ETH to rechallenge $2,750, according to price action analysis by altFINS.
Underpinning the latest upside move is renewed investor optimism around Ethereum spot ETFs. Franklin Templeton became the latest asset manager to throw their hat in the ring, filing for an ETH ETF.
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Fund Managers Position for Institutional FOMO
According to analyst Michaël van de Poppe, major financial players like VanEck, ARK Invest, BlackRock, and Fidelity all submitted proposals during the fourth quarter of last year to offer physically-settled Ethereum investment vehicles.
With the likes of Grayscale already managing tens of billions worth of crypto assets, acceptance of a spot ETH ETF would spark tremendous inflows from institutions that have thus far only dabbled in crypto.
“The rotation towards $ETH is closer than we think,” Poppe noted.
Technicals Back Run Towards $2,750
With Bitcoin sputtering around $50,000, Ethereum has once again shown relative outperformance thanks to its more favorable technical positioning. The altFINS analysis highlights ETH’s successful breakout from a multi-week sideways range between $2,150 and $2,400.
That bullish breakout points towards measured upside potential of 13%, back to stiff overhead resistance around the $2,750 level. A drop below $2,350 would invalidate the bullish setup; however, momentum indicators remain supportive for additional ETH strength.
Source: altFINS – Start using it today
Notably, altFINS identifies the potential May 2024 launch of a spotETH ETF sponsored by one of the 12 applicants as a key catalyst on the horizon. An SEC greenlight would remove the largest regulatory roadblock remaining for mainstream Ethereum adoption by traditional investors.
For ETH bulls, both the technical landscape and fundamental drivers now appear decisively supportive of continued upside following the token’s remarkable surge thus far in 2024. Altcoins like Ethereum tend to see accelerator price appreciation late in bull market cycles, a theme poised to play out over the coming quarters.
ETH is currently trading at $2,652 alongside Bitcoin, which has once again climbed back above $50,000 after struggling to hold momentum.
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