What kind of week is Ethereum about to have?

Ethereum is about to have a wild week. With the SEC giving the green light to five spot Ethereum ETFs, we’re in for some serious market action. This could bring a ton of new investors into the space, shaking up Ethereum’s price in the coming days. 

Let’s break it all down.

First, let’s talk about the moving averages. The 50-period moving average (MA50) is at $3,501.63, and the 200-period moving average (MA200) is at $3,454.18.

Right now, Ethereum is trading at $3,510.25, which is above both moving averages. This is a good sign, showing a bullish trend. 

Source: TradingView

These moving averages will likely act as support levels, helping to prevent any big drops in price. Next up are the Fibonacci retracement levels. We’ve got key levels at $3,542.42, $3,369.56, and $3,455.99. 

The current price is close to the 38.2% retracement level at $3,505.63, which is an important support zone. If Ethereum stays above this level, it’s a bull party.

Now, onto the patterns. There’s a double bottom at $3,476.39, signaling a bullish reversal. On the other side, there’s a double top at $3,542.42, which is a resistance level. If Ethereum breaks above this, we could see a strong upward move.

Source: CryptoQuant

Higher highs and higher lows are forming, indicating an uptrend. The RSI is at 62.62 but approaching overbought conditions at 70. The MACD shows the line at 2.20 and the signal line at 25.71, with a histogram value of 23.51.

In the short term, Ethereum looks set to continue its upward trend. The immediate resistance is around the double top at $3,542.42. If Ethereum breaks above this level, we could quickly see it move toward $3,600.

Source: Santiment

In the medium term, the SEC’s approval of Ethereum ETFs is a huge bullish factor. If ETH sustains breaks above key resistance levels like $3,542.42 and $3,600, it could test higher levels around $3,700 to $3,800.

Exchange inflows saw spikes on June 24, July 4, and July 16 during a selling pressure. Ether’s social dominance has weakened in the past five days. But the social volume remains relatively stable.

Reporting and analysis by Jai Hamid