Ethereum's price jumped 8% over the weekend, marking a significant turnaround in investor sentiment. The asset had dipped to $3,362 before beginning an uptrend, reaching $3,586 by Monday's European business hours. This represents a 1.2% increase in 24 hours but a 2.7% drop over the past seven days. Meanwhile, Bitcoin's price remained in a consolidation zone, with a directional move expected soon.

Bulls Take Advantage of Major Support

Ethereum's price experienced an eight-day continuous fall last week, dropping from $3,878 to $3,362. This fall broke a critical support level, causing panic among investors. However, the bulls utilized a stronger support structure between $3,400 and $3,250 to bounce the price back into an uptrend. The asset may have entered another consolidation zone between $3,600 and $3,300, but it is too early to tell. The bulls' main challenge lies in breaking above the $3,600 support-turned-resistance. If they succeed, ETH price may rise to $4,216, with some resistance around $3,800 and $3,900.

Bitcoin's Crucial Support Level

Bitcoin is currently trending around a key support level ($65,000) on its daily chart. On Friday, bears managed to push the price below this level, but the bulls quickly rejected the move. A clean break below this level would result in a further downside to $57,000. On the flip side, this support level is strong and has been tested three times before. A bounce from here may result in a BTC price surge to $72,500. A break above this might easily launch Bitcoin to new all-time high prices.

Spot ETF Approval Expected by End of Summer

Gary Gensler, Chair of the Securities and Exchanges Commission (S.E.C.), hinted at a likely Ethereum ETF S-1 approval by the end of summer. This news may have caused the reversal in Ethereum price over the weekend.

Ethereum Blob Usage Trends Up

Meanwhile, Ethereum blob usage has been trending up for about five weeks now as rollups continue to see more and more activity. Blobs improve the efficiency of Layer 2 (L2) transactions, reducing congestion and potentially cutting down on gas fees.

Bottom Line

Spot ETFs for crypto assets have historically been great price boosters. As summer approaches its end, the crypto markets watch closely for Ethereum Spot ETF approval. By releasing this information, Ethereum investors are now in a buy-the-rumor phase that may last until the eventual approval of the ETF.