Ethereum Surges Past $4,400, Eyeing New Resistance Levels
Ethereum’s price has climbed above $4,400, signaling a potential bullish breakout.This move comes as market indicators suggest a strong upward trend.
Ethereum’s rise above $4,400 is supported by several factors. The crypto market is buzzing with excitement.
One major factor driving Ethereum’s rise is the anticipation of crypto ETFs. In the U.S., October is being dubbed “ETF Month,” with decisions on at least 16 crypto ETFs expected. These include altcoins like Solana, Ripple, and Dogecoin.
In Asia, Thailand is drafting regulations to expand the crypto ETF market beyond Bitcoin. As the second-largest crypto, Ethereum stands to benefit from these institutional products.
data shows Ethereum spot ETFs have seen $80.79 million in net inflows over three days. Whale accumulation and rising trading volumes also support the price surge. On oct. 2, Ethereum’s price jumped 6.7%, increasing its market cap to $531 billion.
Technical analysis reveals Ethereum has broken above the 30-day moving average. The Relative Strength Index is at 72, indicating overbought conditions. While this suggests a possible short-term pullback, strong breakouts can keep the RSI elevated.
The next resistance zone is near $4,450 to $4,500. If bulls maintain control, Ethereum could rise further. Support levels are around $4,400, the 30-day MA at $4,396, and stronger support at $4,350 to $4,360. Staying above $4,400 keeps the breakout intact.
