Ethereum Price Skyrockets 11%, Reclaiming $1,600 Amid SEC’s Historic ETF Approval

The ETH price has finally risen over the $1,600 level after a groundbreaking development from the SEC. The United States Securities and Exchange Commission approved options trading for Ethereum ETFs on April 9. The SEC approval marks a major milestone in Ethereum’s journey so far. The coin has surged over 11% in the past 24 hours.

SEC Approval: A Game-Changer for Ethereum ETFs

The decision allows option trading on Ethereum ETFs managed by industry giants like BlackRock, Bitwise, Grayscale, and Fidelity. This move is expected to bring in institutional investors for Ethereum. The Spot Ethereum ETFs will provide hedging tools and flexible Ethereum investments. BlackRock’s iShares Ethereum Trust (ETHA), which currently holds $1.93 billion in assets despite a 59% paper loss, could be the largest beneficiary of this development.

Options on ETFs are very popular for portfolio management. They allow investors to hedge their assets against price declines while gaining exposure to spot Ether. The SEC emphasized that these options are “relatively lower cost investing tools,”. This could attract options traders to the Ethereum ecosystem. 

Ethereum Price Surge: Technical Momentum Explained

Ethereum’s positive movements were corroborated by key technical breakthroughs. These have boosted the bullish sentiment in the market. ETH/USD broke through key resistances in the past few days. Ethereum, as of now, is trading above its 100-hour Simple Moving Average, which implies bullish strength in the short term. The coin now faces resistance at $1,680, but the bulls persevere, could target the $1,800s range.

Indicators like the MACD and RSI also highlight positives. However, Ethereum still faces challenges like low network activity. The number of active wallets has gone down by 33%, while the number of transactions is down by around 40%. With that in mind, let’s understand the Ethereum price action in detail as we delve into an analysis of the price action in the last 24 hours.

ETH Price Analysis: ETH Makes Strong Recovery

ETH began trading at $1,460 today. The day started with a slump, as Ethereum fell to find support at $1,396. With the market now oversold, an uptrend commenced as Ethereum spent the entire morning testing the $1,494 resistance. With a slight correction, Ethereum was finally able to break across at 14:00 UTC. A slight uptrend ensued, taking the Ethereum price up to $1,518 by 15:45. At 17:15, a golden cross formed on the MACD indicator. 5 minutes later, Ethereum skyrocketed to $1,666 within an hour.

Chart 1 – Published on TradingView, April 10, 2025

This momentous spike took the RSI into the overbought region. A slight downtrend was seen, but the buying pressure continued to persist as Ethereum ascended to test the $1,680 resistance. But the buying pressure soon cooled off, and a death cross appeared on the MACD. Ethereum slowly descended, finding support at $1,606. It seemed to consolidate over the support, but went on to abandon it. As of the latest update, Ethereum was trading at $1,590. 

ETH Price Prediction: Can ETH Cement $1,600 Value in the Coming Days?

Ethereum’s comeback has been meteoric after spending a few bearish weeks. Its comeback to $1,600 marks a positive sign for the price action to come. Given that, for now, it looks like Ethereum is set to be on a downtrend today. This means that the next target for Ethereum would be a $1,550 support. If Ethereum is able to stay above that, price action above $1,600 may continue very soon.