Ethereum Soars Over 6% as Hong Kong Greenlights Bitcoin and Ethereum ETFs

Investors are flocking to the altcoin market, pushing the Ethereum price up by over 6% within 24 hours. This surge follows the conditional approval for asset managers in Hong Kong to trade現貨Bitcoin and Ethereum ETFs, indicating growing interest in these cryptocurrencies.

Ethereum Surges over 6% as Hong Kong Approves Bitcoin and Ethereum ETFs

Hong Kong's conditional approval for asset managers to trade spot Bitcoin and Ethereum ETFs has sparked a surge in the price of Ethereum (ETH), which has risen more than 6% in the past 24 hours.

As of 8:25 a.m. EST, ETH was trading at $3,231.84, reflecting the heightened interest from investors. Harvest Global Investments, as well as a partnership between HashKey Capital and Bosera Asset Management (International), announced the initial approvals in separate statements today.

Ethereum Price Forms Bullish Channel

On the 4-hour chart, ETH has formed an ascending price channel characterized by a series of higher highs and higher lows. This bullish pattern has propelled the altcoin above the $3,080.67 resistance level.

Buyers are currently attempting to overcome the $3,283.06 barrier to establish it as a support level. A 4-hour candle close above this threshold within the next 12 hours could provide the foundation for further upside movement.

However, potential profit-taking could lead to a retracement to either $3,080.67 or $2,900.33, the next major support levels.

Technical Indicators Point to Bullish Continuation

The Moving Average Convergence Divergence (MACD) indicator has triggered a bullish technical flag, signaling potential for continued upside. The MACD line has crossed above the MACD Signal line, suggesting a positive trend.

The Relative Strength Index (RSI) line is positioned above its Simple Moving Average (SMA) line on the 4-hour chart, indicating that buyers have the upper hand against sellers. This technical pattern suggests that further bullish momentum is likely.

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