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The Ethereum price surged 5% in the last 24 hours to trade at $3,354 as of 03:13 a.m. EST on trading volume that rose 25% to $12 billion.
This comes as ETH crossed the $3,300 threshold amid anticipation that spot ETH ETFs (exchange-traded funds) could launch as soon as this week. The ETH price has surged 15% in the past week.
According to Nate Geraci, ETF analyst and president of The ETF Store, eight spot ETH ETFs could be launched by the end of this week.
Welcome to spot eth ETF approval week…
I’m calling it.
Don’t know anything specific, just can’t come up w/ good reason for any further delay at this point.
Issuers ready for launch.
— Nate Geraci (@NateGeraci) July 14, 2024
Issuers like VanEck and 21Shares filed amended registrations last week, hoping to receive the SEC’s final signoff to begin listing their spot Ether ETF products.
As the anticipation continues to build, the Ethereum price has since breached the $3,100 resistance, soaring over the upper boundary of the rising channel, according to data from GeckoTerminal.
Ethereum Price Set To Sustain Its Rally Over The Rising Channel
The Ethereum price has been on a sustained upward trajectory, as it crossed over to trade over both the 50-day and 200-day Simple Moving Averages (SMAs). With the golden cross formed at $3,080, the price of Ethereum could soar even higher from this point.
Moreover, buyers are actively buying, with the Relative Strength Index (RSI) soaring above the 70-overbought region to trade at 91, a confirmation of continued investor optimism.
The Moving Average Convergence Divergence (MACD) is also bullish, as the lines extend over the neutral line. The green bars on the histogram also support the positive momentum, as they extend over the neutral line.
According to the Ethereum price analysis on the 1-hour chart, the price of Ethereum is set to continue its rally over the rising channel. Additionally, the launch of the ETFs could also be a major catalyst for the ETH price to soar in the coming months.
If the bulls capitalize on these factors, the price of Ethereum could rally to the $3,524 level.
However, with the RSI showing that the token is overvalued, sellers could start taking control of the price. In this scenario, the price of Ethereum could trade, with the 50-day and 200-day SMAs acting as the immediate support levels at $3,204 and $3.098.
Meanwhile, traders are rushing to buy P2E ICO eTukTuk (TUK) before its presale ends in about two hours.
Crypto analyst and YouTuber Crypto Boy predicts that TUK will increase 100X after its launch.
Is TUK The Next 100x Crypto? Only 2 Hours Left To Buy
With only two hours left until the presale ends, last-minute traders are rushing to buy TUK tokens to avoid missing out. The presale has been highly successful, raising over $3.5 million.
eTukTuk is a new play-to-earn (P2E) game that brings real utility to meme coins. In the game, players assume the role of a driver navigating the bustling streets of Sri Lanka, earning TUK coins by dropping off passengers at various destinations.
TukTribe, are you ready to customize, race, and earn with your virtual eTuktuks in the most eco-friendly and exhilarating game ever? 🛺💚
Every race you win helps us drive sustainability, innovation, and carry us through the end of the presale and $TUK listing on a major… pic.twitter.com/kM1OVfp75i
— eTukTuk (@eTukTukio) June 4, 2024
The P2E game seamlessly combines the excitement of high-speed racing with the potential to earn real rewards, significantly enhancing the overall gaming experience.
To date, it has garnered over 3,000 downloads on both the App Store and Google Play Store, even before its official launch.
By purchasing TUK tokens during the presale, players gain early access to exclusive in-game rewards and special upgrades. Additionally, you can stake tokens for an impressive annual percentage yield (APY) of 79%.
Happy weekend, TukTribe! 🌟
We’re thrilled to announce that we’ve had over 3000 new app downloads this week alone! 🎉
We’re loving the excitement and support. Our team's almost done prepping for the DEX & CEX launch. Ready to moon, $TUK holders? 🚀#Sustainability 🛺♻️ pic.twitter.com/8nOe5lhED4
— eTukTuk (@eTukTukio) June 22, 2024
You can join the project by buying TUK tokens for $0.0345 each for about another two hours.
Buy TUK tokens on the official website here using ETH, USDT, BNB, or a credit/debit card.
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