Bullish On Ethereum: Analyst Predicts Crypto’s Imminent Takeoff

Christian Encila

1 year ago

3 mins read

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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 upside

Also, 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.

Ethereum is now trading at $2910. Chart: TradingView

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.