Traders say the launch of spot Ethereum ETFs will trigger a “strong upward move” for ETH price

Ether’s price may soon lift off to new all-time highs. Its price action across multiple timeframes has now rallied above ley resistance levels, signalling a “strong upward move,” according to traders.

The ETH price has “trended upwards with this 25% push and is looking for a higher low,” founder of MN Capital Michael van de Poppe said in a June 4 post on X flagging Ethereum’s recent recovery against Bitcoin over the last few days.

The ETH/BTC ratio has increased by 25% from a low of 0.04477 on May 17 to 0.05621 on May 28, suggesting a strong demand for the layer 1 token and its outperformance of the big crypto over the same time period.

The anticipation and the eventual approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) fueled a 37% rally in Ether’s price over the same time period.

Van de Poppe added that the pending market launch of Ethereum ETFs will push the ETH price up.

“I think, certainty regarding the S-1 approvals is going to lead to a strong upwards move and the higher low.”

“ETH broke the falling wedge, turned key resistance into support, and is slowly moving higher again,” declared crypto trader Jelle in a June 6 post of X, adding, “With the ETFs approaching fast, it's a matter of time until this charges towards ATHs as well.”

Fellow technical price analyst Yoddha agreed to Ether’s strong momentum, saying that the price was on its way to a breakout.

Apart from spot Ethereum ETFs, increasing network activity has contributed to the demand for ETH, driving its value higher. Data from Artemis XYZ, an institutional data platform for digital assets, shows that Ethereum active users had increased by 71% CAGR, reinforcing the growth of the network.

From a technical perspective, the price was trading 26% below its all-time high of $4,867, reached in November 2021. All the major moving averages were moving upward and the RSI was in the positive region. The price strength at 66 reinforced the dominance of the buyers in the market

As such, increased positive sentiment from the expected debut of spot Ethereum ETFs will push the price higher, first toward $4,000 and later to $4,500. Higher than that, the next logical move would be a rise toward all-time highs and later into price discovery.