Is Ethereum experiencing a major breakout and on its way to new all-time highs?
Ethereum The ETH spot exchange-traded fund (ETF) is yet to witness an uptick today following its historic approval. However, considering the impact of exchange funds as seen with Bitcoin, several cryptocurrency analysts and market observers predict a major rally for ETH in the coming months.
Joining the fray is popular cryptocurrency expert and trader Javon Marks. in the spotlight A notable breakthrough has occurred in Ethereum’s price action, leading to speculation that the development could spark a notable rally for the cryptocurrency asset.
Ethereum Breakout Signals New All-Time High
Marks’ prediction highlights the potential for ETH to reach unprecedented price levels after several distinct bullish indicators emerge. that It was mentioned that ETH’s price confirmed a significant breakout shortly after showing several clear bullish indicators. This could lead to significant moves on the upward trajectory.
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Earlier this month, Marks pointed out four bullish indicators for the Ethereum price. This includes a bull flag-like price structure, higher lows in the price action, lower lows in the Relative Strength Index (RSI), and a larger bullish price breakout up to the $4,811 price mark.
Sharing insights into patterns such as the Bull Flag, Javon Marks argues that this breakout could mark a new all-time high for ETH and could benefit many. altcoin. However, a few days later, analysts reported that Ethereum was approaching the breakout level of the Bull Flag pattern. Once a successful breakthrough is achieved, the next phase of real growth will begin.
Specifically, if a breakout occurs, the price will ETH It could rise to $4,811, an increase of about +50% from that level. It is also possible that the price could rise to $5,000 and set a new high.
Meanwhile, less than two hours later, the expert confirmed that the asset was breaking out of the pattern at the speed of light and surging in an upward direction. Therefore, after this breakout, the price of ETH could be poised to rise another 23.4% from current levels compared to the aforementioned price target, while also suggesting that further growth could be on the horizon.
ETH Sees Bearish Movement
The digital asset is currently showing a bearish move after once again failing to surpass $4,000. Despite the overall cryptocurrency market experiencing bearish momentum, a good recovery is expected to occur soon.
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Despite approval ETH Spot ETF, the coin has recorded a decline of more than 5% in the last 24 hours. However, over the past week, ETH has shown resilience to gain more attention, posting gains of over 20%.
The market capitalization recorded $445.95 billion, down more than 5% from the previous day. Meanwhile, trading volume was $45.29 billion, an increase of more than 65% from the previous day.
Featured image from iStock, chart from Tradingview.com
