Ethereum (ETH), the largest web3 ecosystem with nearly $30 billion in Total Value Locked (TVL) and around $69 billion in stablecoins market cap, has attracted significant attention from investors amid the notable Bitcoin (BTC) rally. However, the altcoin leader has been consolidating between $2,150 and $2,400 since it broke out of the macro ascending triangle in the fourth quarter of 2023. Having accumulated significant buyers in this range, Ethereum’s price is in the final countdown for an imminent breakout.
Ethereum Under Spot BTC ETF Frenzy
Ethereum network has registered increased on-chain activity in the past few months fueled by the heightened demand from institutional investors and retail traders. Moreover, ETH provides liquidity to more than 50 percent of the entire altcoin industry including top meme coins like Shiba Inu.
According to a popular crypto analyst alias CrediBull Crypto on the X platform, the next Ether’s price action will be determined by the decision on the spot Bitcoin ETF in the United States by tomorrow.
ETH Price Analysis
Ethereum’s weekly Relative Strength Index (RSI) has been attempting to rally beyond the 70 level in the recent past without success. The top altcoin needs to convert the resistance level around $2,400 into a support level and consistently close above it in the coming weeks to secure a rally above $3,000. According to the weekly auto Fib Retracement, the next Ethereum price targets are at $2,500 then at around $3,150.
Meanwhile, the ETH/BTC weekly charts depict a possible reversal in the near term, which could further signal the onset of the much-awaited altseason.
