Technical analysis by Zanzibar_Trading about Symbol ETH: Buy recommendation (7/10/2024)

🔹The second largest coin by market cap is now believed to benefit and outperform Bitcoin following the launch of spot ETH exchange-traded funds (ETFs) in the U.S. later this month. 🔸The ETH/BTC ratio reversed after the unexpected approval of ETH ETFs by the SEC. Traders now believe that ETH's price will rise similar to BTC after its ETFs went live. 🔹The ETHUSDT pair is currently sitting at $3,300 following the overall negative performance of the crypto market. 🔸It is slightly below the 8 Month old trendline but hasn't officially broken the line. If it did, the next support would be the 200 MA ($3,084), 0.618 fib level ($2,903), 0.78 fib level ($2,580) and the support at $2,154. 🔹Alternatively the more likely scenario is the price continuing it's upward movement to the 0.23 fib level ($3,639), $3,944 and the resistance at $4,382. Zanzibar Trading