Ethereum Price Hits $3,900. Will It Reach $4,500 Before ETFs?

Arthur Cheong, founder and CEO of Defiance Capital, has predicted that the mark of Ethereum (ETH) could moreover more than seemingly hit $4,500 even forward of the originate of residing ETFs.

At press time, Ether is trading at $3,885 after adding 3.6% over the last 24 hours, in step with CoinGecko information.

As reported by U.As we yelp, the SEC greenlit 19b-4s list requests from a slew of Ethereum ETF issuers final week in a handsome U-turn. Before that, leading ETF industry analysts moreover to foremost banking avid gamers of the likes of Fashioned Chartered claimed that these products had been no longer going to be accredited.

After the shrimp print about impending ETF approval broke on social media, the Ether mark entered a predominant uptrend, surging from $3,600 to $3,900 in a span of accurate three days.

Weakening momentum

Despite the important thing bullish catalyst, the leading altcoin has to date failed to net a footing above the $4,000 level. It is in general down 19.8% from its all-time high.

In retaining with 100eyes Crypto Scanner, the Ethereum mark has considered bullish divergence on the hourly time physique. This bearish pattern occurs when an asset manages to fabricate current highs, however the Relative Strength Index (RSI) data slower highs. Based on this explicit chart, it is obvious that Ethereum is currently experiencing weakening momentum regardless of the colossal mark expand. The RSI recorded a decrease high within the 65-70 differ after Ether surged to $3,900, which is the principle horizontal resistance level.

If the bearish divergence finally ends up playing out, the mark of the executive altcoin could moreover expertise a pullback from the present level. However, it will also be seemingly that Ether will be ready to interrupt above $3,900 if the amount is solid ample.