Ethereum Bulls On The Rise? Crucial Indicator Point To A Major Upturn

Name	Symbol	Market	Market Cap ($)	Algorithm
Solana	SOLUSD	Crypto	73,549,717,108	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Solana

SOLUSD

Crypto

73,549,717,108

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1.61	0.97%	167.11	167.10	167.11

Price Change

Price Change %

Current Price

Bid Price

Offer

1.61

0.97%

167.11

167.10

167.11

High Price	Low Price	Open Price	Prev. Close	52 Week Range
167.19	165.51	165.71	165.50	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

167.19

165.51

165.71

165.50

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GEMN	03:40:44	0.910733	167.11	USD

Exchange

Last Trade

Size

Trade Price

Currency

GEMN

03:40:44

0.910733

167.11

USD

Price x Volume	Volume	Base Symbol	Related Pairs
10,823,457.53	64,978.13	SOL	SOLEUR	SOLGBP	SOLBTC

Price x Volume

Volume

Base Symbol

Related Pairs

10,823,457.53

64,978.13

Ethereum Bulls On The Rise? Crucial Indicator Point To A Major Upturn

16/05/2024 1:00am

NEWSBTC

Ethereum (ETH), the second-largest crypto by market capitalization, has recently shown signs that suggest a potential rebound is on the horizon. Analysts have been closely monitoring various technical indicators, and one such analyst, Ali, has highlighted a key signal that points to an impending price surge. Related Reading: Ethereum Price Anticipates Upside Break To Shift Sentiment Towards Bullish TD Sequential Signals Buy As Ethereum Eyes Recovery According to Ali’s social media platform X analysis, the TD Sequential indicator on Ethereum’s daily chart has issued a strong buy signal, hinting at a possible upward movement lasting one to four candlesticks. The TD Sequential presents a buy signal on the #Ethereum daily chart! It anticipates that $ETH could see a rebound of one to four candlesticks. pic.twitter.com/Vg7FTl9X2a — Ali (@ali_charts) May 15, 2024 This positive outlook is supported by Ethereum’s recent performance, which increased the asset by 2.3% over the last 24 hours. However, Ethereum remains below the critical $3,000 mark. Despite the optimistic technical signals, external factors such as regulatory challenges could influence Ethereum’s trajectory. Specifically, the potential decline of the spot Ethereum ETF application with the US Securities and Exchange Commission (SEC) is a concern, as analysts like Eric Balchunas of Bloomberg suggest that the SEC’s view of ETH as a security could significantly lower the chances of ETF approval. TLDR: the SEC asked commenters re the Eth spot ETFs whether these filers have properly filed their ETF listing proposals as commodities. This shows the SEC is perhaps considering to Eth is a security in their denial. Our odds of approval remain the same: slim to none. Nice job of… https://t.co/g9HGPzGyOp — Eric Balchunas (@EricBalchunas) May 14, 2024 Market Sentiments And Options Trading Trends While the regulatory landscape presents challenges, market sentiment around Ethereum remains largely bullish. The options market, in particular, shows a clear preference for calls over puts, indicating that traders are betting on Ethereum’s price increase. Data from Deribit, a leading crypto options exchange, reveals that the most popular strike price among these bullish bets is an ambitious $6,500. This concentration of call options, especially those above the $3,600 mark, suggests that a significant portion of the market expects Ethereum to reach higher levels by the end of June. In contrast, According to a recent NBTC analysis, Ethereum’s failure to breach the $2,925 resistance level could trigger another price decline. Initial support is located near the $2,880 level, followed by major support at the $2,860 zone. Related Reading: Bitcoin, Ethereum, And Solana: Galaxy Digital CEO Predicts Next Market Movements Should Ethereum break below $2,810, it could potentially fall towards the $2,740 mark, and further losses might push the price down to $2,650 in the near term. Featured image from Unsplash, Chart from TradingView

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SOLUSD Solana