Ethereum (ETH) is poised for a price uptick as we start a new week. Currently trading at $3,195, Ethereum has seen a 1.83% increase in the past 24 hours. The altcoin is in a prime position to experience significant growth in the upcoming weeks.
Fundamentals suggest an extended price surge, especially with the imminent launch of Spot ETFs. Technical indicators also point towards a bullish outlook as Ethereum approaches a key resistance level around $3,250.
Ethereum is looking to break above $3,200 after trading below $3,100 for most of the week. Despite some consolidation between $3,000 and $3,100, on-chain analytics and fundamentals indicate that investors are still optimistic about Ether.
The anticipation of Ethereum Spot ETFs potentially hitting the market has further fueled bullish sentiment. If approved, these ETFs could bring in an additional $1 billion monthly inflow into Ethereum, propelling its price beyond the current all-time high of $4,900.
Recent reports suggest a positive outlook for the approval of Spot ETFs, with the SEC showing increased interest. This has bolstered the bullish case for Ethereum in the foreseeable future.
On the technical side, indicators also support a bullish trend. Ethereum is on track to close its third consecutive bullish daily candle for the first time since June 16. Additionally, the crypto is eying a break above the 100 SMA, which could strengthen the bullish momentum as we enter a new week.