Why is Ethereum (ETH) price up today?

Ether price is the leading crypto asset, with a 5% uptick among the top 10 cryptocurrencies over the past 24 hours. ETH has recovered above $3,400 after forming a set of liquidity lows earlier this week near the $3,000 mark. While Ether has yet to exhibit a bullish break of structure (BOS) above its recent higher low (HL), historical behavior has increased the likelihood of a positive breakout for altcoin. Bitwise’s dual Bitcoin-Ethereum ETF receives an early nodEthereum price received a boost after the US Securities and Exchange Commission (SEC) accelerated the approval process for Bitwise’s combined BTC-ETH exchange-traded fund (ETF) on Jan. 31. The commission gave an early nod to the asset management’s ETF application within 40 days of filing. The standard clearance period is usually 240 days. Cointelegraph reported that the Bitwise BTC-ETH ETF would allow investors to gain exposure to both crypto assets. However, the fund will constitute 83% BTC and only 17% ETH, with crypto custody being provided by Coinbase, and Bank of New York Mellon will act as the cash flow custodian. With a pro-crypto SEC chair leading the regulatory body, this is the third dual ETF approved by the commission, two months after President Donald Trump’s election win in November 2024. Additionally, the spot ETH ETF registered its highest inflows in 10 days, with a positive uptick of $67.8 million on Jan. 30. BlackRock’s ETHA led the investment products with inflows worth over $79.9 million, followed by Fidelity’s FETH, witnessing $15.4 million. On the contrary, the Grayscale Ethereum Trust ETF continued its outflows with over $40.3 million. The organization has only carried out outflows since Q3, 2024. Related: Bitwise’s Bitcoin and Ethereum ETF clears first SEC hurdleETH chart pattern eyes $3,400 targetFrom a technical perspective, the altcoin’s market structure looked bullish after breaking out of a falling wedge pattern. As illustrated below, Ether’s daily chart formed a similar pattern in early 2024, leading to its first $4,000 retest since 2021. Both conditions share another bullish confluence, with the price closing below the 50-day EMA but retracting immediately above before breaking out. This increases the possibility of Ethereum’s repeating its historical trend. To attain further confirmation, the crypto asset also needs to flip $3,430 to exhibit a bullish break of structure. On the 6-hour chart, a clear downtrend has been active for Ethereum since December 2024. For ETH to establish stronger bullish momentum, a bullish break of structure over its previous higher low (HL) of $3,430 is necessary. A confirmed close above the HL level would also validate a trend reversal on the lower-time frame, which will provide traders with assurance to hold long positions. Similarly, Wolf, a crypto analyst, indicated that Ether’s recent sideways movement has allowed big players to accumulate just above the $3,000 level. The trader outlined his market expectations for the altcoin and said, “Here's my outlook: - 4k breakout by end of Feb - Bullish March, 4k to 5k in days - Early April, 6.5k 2/3-weeks correction, then a push to 9.5-10k, likely fueled by a catalyst.”Related: Ethereum price will stick below $3.5K until these 3 things happenThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.