Surging Ethereum Whale Transactions Hint At Upcoming ETH Price Rally

　　Courtesy: Ali Martinez

　　Analysts have been expecting the Ethereum price rally to continue to $4,000 and further to hit its all-time high of $5,000 by the year-end. On the other hand, there have been mixed opinions regarding the approval of the spot Ethereum ETF with big players like Bitwise staying optimistic about the SEC approval by mid-May 2024.

　　ETH Price Action Ahead

　　Ethereum initiated a downward correction, dipping below the $3,550 mark. After retesting the $3,450 support level, reminiscent of Bitcoins movement, bullish momentum emerged. The price formed a low near $3,459 before rebounding.

　　Kagandahang-loob: TradingView

　　Currently, Ethereum is trading above $3,520 and the 100-hourly Simple Moving Average. Looking ahead, immediate resistance looms near the $3,600 level, with the first major obstacle residing at around $3,630. This level coincides with the 76.4% Fibonacci retracement level of the recent downward move from the $3,680 peak to the $3,459 low.

　　On the upside, the next major resistance is at $3,680, crossing which will open the gates for a further rally to $4,000. On the downside, the first major support is at $3,480 dropping under which could open further gates at the $3,250 level.