Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
With its second-largest market capitalisation among cryptocurrencies, Ethereum (ETH), has lately been a rollercoaster for investors. It dropped below $2,820 then jumped to nearly $3,200 before reversing some of those increases. Still, experts are upbeat, pointing to technical data and a significant legislative action just ahead as possible triggers for a near-term price rise.
Ethereum Price Poised For A Breakout?
Technical analysts are pointing to positive signals that Ethereum might have a rebound back. With all expected milestones reached, analyst Titan of Crypto thinks a successful “Bullish Cypher Pattern” has played out. Ethereum currently rests below a key support level, the 38.2% Fibonacci retracing, sometimes regarded as the basis for increasing momentum in bull markets.
#Altcoins #Ethereum Bounce incoming.
The Bullish Cypher Pattern played out perfectly and all the targets got reached 🎯.#ETH is currently at the 38.2% Fibonacci retrace level also called “1st stop”. In a bull market this level holds.
I expect a bounce from this level. 🚀 pic.twitter.com/o9e6VLEREz
— Titan of Crypto (@Washigorira) May 12, 2024
This level has historically acted as a crucial support zone, says Titan. An optimistic outlook anticipates a price rebound from here.
Adding to the bullish sentiment, analyst JACKIS emphasizes the significance of Ethereum’s recent surge above $4,000 in March. This, according to JACKIS, represents a significant shift in the market structure towards a long-term uptrend.
THE GIGANTIC CRASH for #ETH isn’t coming
Here is a reality check:
We are in a big HTF range for #Ethereum and with the push to 4K in March we have broken 🗝️ market structure to the upsideAlso, the local Weekly MS leading into it remains bullish, marked on the chart with HL… pic.twitter.com/QisXiDUXxr
— JACKIS (@i_am_jackis) May 13, 2024
The SEC Decision: A Potential Game Changer
An impending ruling by the U.S. Securities and Exchange Commission (SEC) might significantly raise the price of Ethereum. On three applications for Ethereum-based Exchange-Traded Funds (ETFs), the SEC is slated to rule by May 25th.
If the SEC gives these ETFs a green light, institutional investment into Ethereum will be possible, therefore stimulating demand and price. On the other hand, a rejection can lower investor mood and set off a retreat.
Local Market Structure Hints At Underlying Bullishness
Examining Ethereum’s weekly chart closer suggests a strong undercurrent despite the recent price drop. Higher lows and higher highs all over the past few weeks point to a robust uptrend; the recent drop is considered as a normal consolidation phase.
Featured image from defense.gov, chart from TradingView
