In addition to Bitcoin, the world’s second-largest cryptocurrency, Ethereum (ETH), has also experienced a significant increase in price, rising more than 3% in the past 24 hours and approaching the $1,750 mark.
The surge in ETH value occurred the day before the debut of Ethereum futures ETF on February XNUMX.
As previously reported, Bitwise Ethereum Futures ETF is set to go live later today. The ETH price has broken through the $1,700 level, 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 downturn may occur. The initial downside support is around $1,710, with the next significant support at $1,680.
Furthermore, the 1,756% Fibonacci retracement level, calculated from the recent rebound from the $76.4 low to the $1,668 high, is also located near $1,685, serving as additional support.
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Breaking below the $1,685 support level could lead to a test of the $1,650 support level, and if broken, a new downtrend may begin. In such a scenario, the price could drop 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 uptrend. In this case, the price may target the $1,850 resistance level, with the next significant resistance level possibly being $1,920. Further progress could open the door to reaching the $2,000 mark.