Ethereum Soars Beyond $3,500 Amid ETF Optimism, Outshining Bitcoin

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Basking in the golden light of investor optimism, the Ethereum cryptocurrency has registered a stratospheric surge of over 20% in its price. The buoyant market sentiments have been catalyzed by the increasing possibility of an Ethereum (ETH) Exchange Traded Fund (ETF). Consequently, the digital asset has shattered records and navigated past the formidable $3,500 resistance zone with apparent ease.

In a brilliant performance, Ethereum cleared the $3,500 resistance zone and began an upward journey afresh. With a sturdy base formed after rallying past the difficult $3,200 zone, Ethereum’s newly found charm has won over investors and traders alike, positively tipping the scale of ETF expectations. Capitalizing on the recent move by the Securities Exchange Commission (SEC), traders have expectedly leveraged the developments, culminating in a powerful northward curve beyond the daunting $3,350 resistance zone.

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Ethereum has comprehensively outclassed its digital counterpart, Bitcoin, with gains exceeding the 20% mark. In a dazzling showcase of might, Ethereum has risen past the sturdy $3,500 resistance zone and continues to trade comfortably beyond this crest. Setting another weekly milestone, Ethereum capitalized on its bullish momentum to peak at $3,721, consolidating its gains above the crucial 23.6% Fibonacci retracement level – a marked increase from the $3,067 low-water mark to the new high of $3,721.

Embellishing its strong uptrend, Ethereum now trades in excess of $3,600, with an indomitable position above the 100-hourly Simple Moving Average. A unique, short-term rising trajectory is also being charted, offering support at $3,640 on the hourly chart of ETH-to-USD exchange.

The first significant hurdle for Ethereum lies at the $3,720 level but talks are strong about the possibility of a breakout. A break past the $3,720 wall could potentially catalyze it higher into bullish territory.

Meanwhile, Ethereum is eying the $3,800 resistance level. If it conquers this bastion, it could gather increased traction and surge towards the $3,880 mark. Moreover, if the price significantly overtakes the $3,880 level, the cryptocurrency could potentially test the $3,950 resistance level. Any further advances could open the doorway for Ethereum racing towards the coveted $4,000 resistance zone.

However, room for correction exists. Should Ethereum stumble at the $3,720 barrier, it could trigger a possible downside correction. The first support on the downside hovers around the $3,640 mark, the critical channel zone. A more comprehensive support base is ingrained around the $3,600 zone. A move below this level might perilously push the price towards $3,500. Any subsequent losses could ultimately send the price spiraling towards the $3,400 level in the near future.

In terms of technical indicators, the Moving Average Convergence Divergence (MACD) for ETH/USD currently suggests a possible loss of momentum in the bullish zone. Simultaneously, the Relative Strength Index (RSI) for the ETH/USD pair is exhibiting signs of a slight retraction from the high of the 85 zone.

As things stand, the major levels to watch are $3,600 as a Support Level and $3,720 as a Resistance Level.