Bullish On Ethereum: Analyst Predicts Crypto’s Imminent Takeoff

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,340,847,389,821	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,340,847,389,821

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-1,102.16	-1.59%	68,291.03	68,291.02	68,291.03

Price Change

Price Change %

Current Price

Bid Price

Offer

-1,102.16

-1.59%

68,291.03

68,291.02

68,291.03

High Price	Low Price	Open Price	Prev. Close	52 Week Range
69,533.96	67,194.59	69,375.11	69,393.19	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

69,533.96

67,194.59

69,375.11

69,393.19

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:58:59	0.000961	68,291.03	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:58:59

0.000961

68,291.03

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,089,965,099.12	15,995.85	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,089,965,099.12

15,995.85

Bullish On Ethereum: Analyst Predicts Crypto’s Imminent Takeoff

14/05/2024 1:30pm

NEWSBTC

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has been a rollercoaster ride for investors lately. After dipping below $2,820, it surged to over $3,200, only to retrace some of those gains. However, analysts remain optimistic, citing technical indicators and a key regulatory decision on the horizon as potential catalysts for a near-term price increase. Related Reading: Investment Firm Makes Bitcoin Its Strategic Reserve – Impact On Price Ethereum Price Poised For A Breakout? Technical analysts are pointing to bullish signals suggesting a potential bounce back for Ethereum. Analyst Titan Of Crypto believes a successful “Bullish Cypher Pattern” has played out, with all projected targets met. Currently, Ethereum sits at a pivotal support level, the 38.2% Fibonacci retracement, often seen as a springboard for upward 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 The price of Ethereum could receive a significant boost from an upcoming decision by the U.S. Securities and Exchange Commission (SEC). By May 25th, the SEC is expected to rule on three applications for Ethereum-based Exchange-Traded Funds (ETFs). A green light from the SEC for these ETFs would open the door for institutional investment into Ethereum, potentially leading to a surge in demand and price. Conversely, a rejection could dampen investor sentiment and trigger a pullback. Related Reading: On A Tear: Toncoin Outshines Bitcoin With Price Surge And Social Buzz Local Market Structure Hints At Underlying Bullishness A closer look at Ethereum’s weekly chart reveals a bullish undercurrent despite the recent price dip. The presence of higher lows and higher Highs throughout the past few weeks indicates a healthy uptrend, with the current pullback seen as a natural consolidation phase. Featured image from defense.gov, chart from TradingView

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