Ethereum Undergoes Major Breakout, Path To New All-Time High?
24 Maio 2024 - 12:30PM
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Ethereum has yet to witness a move on the upside today, following
the historic approval of the ETH Spot Exchange-Traded Funds (ETFs).
However, given the impact of the exchange funds, as seen with
Bitcoin, several crypto analysts and market watchers anticipate a
major rally for ETH in the upcoming months. Joining the fray is
popular cryptocurrency expert and trader Javon Marks, who has
spotlighted a noteworthy breakout in the price action of Ethereum,
speculating that the development may trigger a notable rally for
the crypto asset. Ethereum Breakout Signal New All-Time Highs
Marks’s prediction emphasizes the possibility that ETH could reach
unprecedented price levels after the emergence of several distinct
Bullish Metrics. He noted that shortly after exhibiting multiple
distinct bullish metrics, ETH’s prices confirmed a major breakout.
Due to this, a significant move in the upward trajectory could be
underway. Related Reading: Ethereum Rally Looms: Analyst Predicts
ETH’s Next Stop Is $5,300 Earlier this month, Marks pointed out
about four bullish metrics in the price of Ethereum. These include
a Bull Flag-like price structure, Higher Lows in price action,
Lower Lows in the Relative Strength Index (RSI), and Larger Upside
price breakout to the $4,811 price mark. Sharing insights on the
Bull Flag-like pattern, Javon Marks claims a breakout could result
in new all-time highs for ETH, and for the benefit of many
Altcoins. However, a few days later, the analyst reported that
Ethereum was getting close to the Bull Flag pattern’s breakout
levels. Should a successful breakout take place, it will only
kickstart the next stage of substantial growth. Specifically,
in the event of a breakout, the price of ETH might rise by about
+50% from the level then, to $4,811. Furthermore, it might
potentially result in prices topping at $5,000 and setting new
peaks. Meanwhile, less than 2 hours later the expert confirms
the asset has broken out of the pattern at lightspeed and is
surging in the upward direction. Thus following this breakout,
ETH’s prices may be poised for another 23.4% from the current level
to the aforementioned price targets, while suggesting that further
growth could be on the horizon. ETH Sees Bearish Movement
Currently, the digital asset is seeing a bearish movement after
failing to break above the $4,000 mark once again. Even though the
entire crypto market is experiencing a bearish momentum, a good
recovery is still expected to happen soon. Related Reading: When
Spot Ethereum ETFs Go Live ‘Expect A Bloodbath’, Says Expert
Despite the approval of ETH spot ETFs, the coin has recorded a
decline of over 5% in the last 24 hours. However, in the past week,
ETH has amassed gains of more than 20%, showing resilience to
attract more. Its market capitalization has decreased by over 5% in
the past day to $445.95 billion. Meanwhile, its trading volume is
valued at $45.29 billion, indicating a more than 65% increase in
the past day. Featured image from iStock, chart from
Tradingview.com
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