ATH is on the horizon as key metrics turn bullish.
Cryptocurrency analyst Javon Marks We’ve highlighted a few indicators that have turned optimistic. Ethereum (ETH). The analyst pointed out that one of these indicators hints at an all-time high (ATH) for the second-largest cryptocurrency token.
Bullish Indicators for Ethereum
Mark with an X (formerly Twitter) post A bull flag-like price structure has formed on the Ethereum chart. He added that higher lows are forming in Ethereum’s price action. bullish signal This is because it represents strong resistance to the downward trend. Meanwhile, analysts argue that the lows are lower. Relative Strength Index (RSI) Indicates the hidden strength difference in the price of Ethereum.
Related Reading
Marks raised the following possibility: Ethereum Hits New ATH, “A bull flag breakout could lead to new all-time highs and could be a major service for many altcoins progress,” he said. Before that, he claimed that Ethereum could soon experience a bigger price rise, with the cryptocurrency token rising 63% to $4,811.
Cryptocurrency analyst Michael van de Poppe also Recently suggested Ethereum could soon make a big move and lead the altcoin to new highs. According to him, this will be triggered by the news surrounding the Ethereum ETF, which he expects will become a “cycle of altcoins.”
However, Ethereum is also at risk of experiencing a significant decline considering the following: report The Securities and Exchange Commission (SEC) may reject an Ethereum ETF application. Cryptocurrency analyst James Van Straten decided If the Spot ETF is rejected, “the long-term outlook will lower the ETHBTC ratio from 0.047 to 0.03.”
This is one of the reasons why analysts said, “Ethereum is likely going to the grave.” He also implied that the Decun upgrade resulted in ETH inflation as transaction fees were reduced, ultimately reducing the burn rate of ETH.
Things don’t look good for ETH.
Crypto analyst Derek recently commented:Ethereum Dominance “Recent performance is heading towards the worst situation ever.” He noted that reports of a potential rejection had focused attention on Bitcoin. Ethereum ETF and Securities status, which is putting pressure on investor sentiment. According to him, this has led to the ‘imbalance of dominance’ reaching its worst point.
Related Reading
Derek is Ethereum’s unimpressive price action influencing others altcoin, because the price “deteriorates”. He also claimed that the prices of layer 2 coins “continue to be under pressure.” The analyst suggested that things could get worse as the ETH/BTC chart shows an ongoing descending wedge pattern. He argues that only if Ethereum can break out of this pattern quickly will altcoins be able to “breathe”.
At the time of writing, Ethereum is trading at around $2906 over the past 24 hours. data From CoinMarketCap.
Featured image from Metaverse Post, chart from Tradingview.com
