Ethereum Surges Past $4,400, Eyeing Higher Levels
Ethereum’s price has climbed above $4,400, breaking a key psychological barrier. This move suggests a potential bullish trend. However, if it can’t sustain this level, it might drop to $4,350-$4,360.
The surge is fueled by positive market sentiment and macroeconomic factors. A major catalyst is the buzz around crypto ETFs. The U.S. is gearing up for “ETF Month” in October, with decisions on 16 altcoin ETFs expected. These include Solana (SOL), Ripple (XRP), and Dogecoin (DOGE). In Asia,Thailand is drafting rules to expand its crypto ETF market beyond Bitcoin.
As the second-largest cryptocurrency, Ethereum is benefiting from the growing interest in institutional products.
Whale activity and increased trading volumes support this bullish move.Daily spot trading for ETH reached $7.17 billion, while futures trading hit $97.3 billion. Open interest in ETH futures climbed to $59 billion, up 2%. On Oct. 2, Ethereum’s price jumped 6.7%,boosting its market cap to $531 billion.
Technical analysis shows Ethereum has broken above $4,400, with the Relative Strength Index at 72, indicating overbought conditions. Historically, this could lead to a short-term pullback. Though,strong breakouts can keep the RSI high. The next resistance is around $4,450-$4,500. Support levels are at $4,400, then $4,396, and $4,350-$4,360.If ETH holds above $4,400, the bullish trend may continue. If it falls below $4,400, a deeper correction may occur.
