DOOKV Ethereum Soars 20%: ETH Hype Escalates on ETF Rumors

Ethereum price formed a base and rallied above the $3,200 resistance zone. ETH ETF hopes increased with the recent SEC move. Trades took advantage of the recent move, resulting in a strong upward move above the $3,350 resistance zone.

It outperformed and gained over 20%. There was a strong move above the $3,500 resistance zone. It traded to a new weekly high at $3,721 and is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $3,067 swing low to the $3,721 high.

Ethereum is now trading above $3,600 and the  There is also a short-term rising channel forming with support at $3,640 on the hourly chart of ETH/USD.

Immediate resistance is near the $3,700 level. The first major resistance is near the $3,720 level. An upside break above the $3,720 resistance might send the price higher.