ETH Rallying As BTC Spike Pulls Crypto Higher

BTC Driving ETH HigherThe surge higher in Bitcoin this week has seen the broader crypto market recovering also. Bitcoin futures are now up around 25% off last week’s lows. The move comes in response to news that Blackrock Capital has applied to the SEC to launch a new Bitcoin ETF. Such a large name moving into the space has inspired fresh confidence in the asset class, driving a wave of demand.ETH futures are also rallying this week, helped by the fresh focus on crypto. ETHUSD is trading around 18% higher off last week’s lows and looks poised for further upside while BTC remains heavily bid. ETH bulls have long been calling for a fresh bull phase in the coin, which was first projected to rally on the back of the network update which took place earlier in the year.Upside FocusIf price can break above the current YTD highs, this should encourage fresh bullish momentum from systems traders keeping the market underpinned near-term. Further ahead, focus will shift back to the Fed and expectations around USD. If the Fed looks likely to extend the current tightening pause longer, ETH should have plenty of room to continue higher through the summer.Technical ViewsETHThe correction lower in ETH saw price testing the 1695.5 level and bull channel lows. With this area holding as support and momentum studies turning higher, the focus is on a further push north and a break back above the 2025.5 level which will put the bull channel top and the 2422 level in focus thereafter.