In addition to Bitcoin, the world’s second largest cryptocurrency – Ethereum (ETH) – has also seen a significant increase in price, rising over 3% in the past 24 hours, nearing the $1,750 mark.
The increase in ETH value occurred on the day before the debut of the Ethereum futures ETF on February XNUMXth.
As previously reported, the Bitwise Ethereum futures ETF is scheduled to go live later today. The ETH price has broken through the $1,700 mark, overlapping with the 100-hour Simple Moving Average (SMA). On the positive side, Ethereum (ETH) may encounter strong resistance at the $1,750 level.
If Ethereum struggles to overcome this resistance, a corrective downward trend may emerge. Initial downside support is around $1,710, with the next key support at $1,680.
Additionally, the 1,756% Fib retracement level calculated from the recent rebound from the low of $76.4 to the high of $1,668 is also located near $1,685, serving as additional support.
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Breaking below the $1,685 support level may lead to a test of the $1,650 support level, and a break below that could initiate a new downtrend. In this case, prices could fall to the $1,600 level.
The next notable resistance level is at $1,800. A decisive breakthrough of the $1,800 resistance level could generate momentum for a larger upside. In this scenario, prices could target the $1,850 resistance level, with the next significant resistance possibly at $1,920. Further progress could pave the way towards the $2,000 mark.