Ethereum

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<p class="is-style-lead">While ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>) is navigating a precarious balance between bearish uncertainty and bullish prospects, let&#8217;s dissect the intricate journey of this altcoin. </p>



<p>As the digital sun sets over the crypto markets, ethereum, the second-largest cryptocurrency by <a href="https://crypto.news/glossary/market-cap-in-crypto/">market capitalization</a>, endures in the face of testing times. With an indecisive path and an apparent lack of a dominating force dictating the market&#8217;s future trend, digital assets are sailing in uncharted waters. </p>



<p>However, charts suggest a pattern that could give traders an insight: an ascending triangle is brewing, offering a glimmer of hope for a bullish turnaround.</p>



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<h2 class="wp-block-heading" id="the-present-landscape">The present landscape</h2>



<p>As of May 22, ETH trades at $1,810, with trading volumes at $3.63 billion. ETH has traded sideways since the <a href="https://crypto.news/staked-eth-crosses-20m-mark-one-month-after-shapella-upgrade/">Shapella upgrade</a> and failed to break through the range.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="813" height="570" src="https://crypto.news/app/uploads/2023/05/image-53.png" alt="Ethereum is chasing the bull amid market uncertainty, data shows - 1" class="wp-image-14159147"><figcaption class="wp-element-caption">ETH 90-day price chart | Source: <a href="https://coinmarketcap.com/currencies/ethereum/#Analytics" target="_blank" rel="noopener">CoinMarketCap</a></figcaption></figure>



<p>Yet, amid this sea of indecision, the ascending triangle formation is a potential lifeboat for traders. Bullish breakouts are the most anticipated outcomes of an ascending triangle, and ETH seems to be gearing up for just that. </p>



<p>If the price successfully breaches the $1,838 resistance, the buying pressure could surge, immediately pushing the price to challenge the wedge pattern&#8217;s resistance trendline. </p>



<figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="https://crypto.news/app/uploads/2023/05/image-54.png" alt="Ethereum is chasing the bull amid market uncertainty, data shows - 2" class="wp-image-14159148" width="1020" height="542"><figcaption class="wp-element-caption">ETH technical analysis | Source: <a href="https://in.tradingview.com/" target="_blank" rel="noopener">TradingView</a></figcaption></figure>



<p>Meanwhile, since November 2022, a higher lows and highs pattern suggests an established bullish trend. Additionally, ethereum’s fear and greed index <a href="https://cfgi.io/ethereum-fear-greed-index/" target="_blank" rel="noopener">teeters</a> at 67%, projecting a bullish sentiment among traders.</p>



<p>Despite a 15% tumble from April 2023&#8217;s peak of $2,138 to the current $1,813, the bullish trend remains intact. The long-term outlook stays positive, supported by a rising trendline where potential buyers can accumulate at the dips.</p>



<h2 class="wp-block-heading" id="impact-of-the-shapella-upgrade">Impact of the Shapella upgrade</h2>



<p>The recent Shapella upgrade to the Ethereum network has been successful, indicating institutional and retail investors&#8217; growing confidence in ethereum’s future.&nbsp;</p>



<p>Notably, the upgrade allowed for withdrawing staked ETH tokens. Although initially speculated to cause a sell-off, the impact was mild.&nbsp;</p>



<p>As of now, staked ETH on the network has <a href="https://www.stakingrewards.com/earn/ethereum-2-0/metrics/" target="_blank" rel="noopener">reached</a> 18.72 million. This indicates a strong inflow into liquid staking projects like Lido (<a href="https://crypto.news/price/lido-dao/">LDO</a>) or Rocket pool (<a href="https://crypto.news/price/rocket-pool/">RPL</a>).</p>



<p>Ethereum&#8217;s staking ratio is 15.2%, significantly lower than other proof-of-stake (<a href="https://crypto.news/proof-of-work-vs-proof-of-stake-which-has-the-more-profitable-projections/">PoS</a>) chains boasting ratios over 60%. This gap suggests ethereum has ample room for growth.</p>



<h2 class="wp-block-heading" id="eth-price-prediction">ETH price prediction</h2>



<p>According to the crypto market analytics platform Coincodex, Ethereum is expected to reach $1,915.15 by June 5, 2023, which marks an increase of approximately 5.88% from its current price.&nbsp;</p>



<p>Meanwhile, a widely followed Twitter analyst presents a more ambitious projection for Ethereum&#8217;s price. The analyst believes that Ethereum is poised to break out and targets a price range of $2,636 to $2,760.&nbsp;</p>



<p>While providing potential pathways for Ethereum&#8217;s future price, these predictions should be taken as speculative assessments.</p>



<p>Hence, any form of investment should be considered carefully, ideally with the guidance of a financial advisor.</p>



<h2 class="wp-block-heading" id="strong-a-word-of-caution-strong"><strong>A word of caution</strong></h2>



<p>While the prospects seem promising, the specter of regulatory crackdowns by the US SEC looms large. Remember the $30 million <a href="https://crypto.news/crypto-mom-disagrees-with-sec-over-krakens-staking-ban/">penalty</a> for Kraken in February 2023? Staying informed and vigilant about short-term macroeconomic and regulatory risks is paramount. Meanwhile, never invest more than you can afford to lose.</p>



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Ethereum is chasing the bull amid market uncertainty, data shows

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