Ethereum

2024

Changer

Toncoin

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has been <a href="https://www.coingecko.com/en/coins/ethereum" target="_blank" rel="noopener nofollow">a rollercoaster ride</a> for investors lately. After dipping below $2,820, it surged to over $3,200, only to retrace some of those gains. However, analysts remain optimistic, citing technical indicators and a key regulatory decision on the horizon as potential catalysts for a near-term price increase. 
<h2 data-sourcepos="5:1-5:41" id="strong-ethereum-price-poised-for-a-breakout-strong">Ethereum Price Poised For A Breakout?</h2> 
Technical analysts are pointing to bullish signals suggesting a potential bounce back for Ethereum. Analyst Titan Of Crypto believes a successful “Bullish Cypher Pattern” has played out, with all projected targets met. Currently, Ethereum sits at a pivotal support level, the 38.2% Fibonacci retracement, often seen as a springboard for upward momentum in bull markets. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Altcoins</a> <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Ethereum</a> Bounce incoming. 
 The Bullish Cypher Pattern played out perfectly and all the targets got reached <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f3af.png" alt="🎯" class="wp-smiley" style="height: 1em; max-height: 1em;">.<a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#ETH</a> is currently at the 38.2% Fibonacci retrace level also called “1st stop”. In a bull market this level holds. 
 I expect a bounce from this level. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/o9e6VLEREz" rel="nofollow">pic.twitter.com/o9e6VLEREz</a> 
 — Titan of Crypto (@Washigorira) <a href="https://twitter.com/Washigorira/status/1789725762460766328?ref_src=twsrc%5Etfw" rel="nofollow">May 12, 2024</a>
</blockquote> 
This level has historically acted as a crucial support zone, says Titan. An optimistic outlook anticipates a price rebound from here. 
Adding to the bullish sentiment, analyst JACKIS emphasizes the significance of Ethereum’s recent surge above $4,000 in March. This, according to JACKIS, represents a significant shift in the market structure towards a long-term uptrend. 
<blockquote class="twitter-tweet"> 
 THE GIGANTIC CRASH for <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#ETH</a> isn’t coming 
 Here is a reality check: We are in a big HTF range for <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Ethereum</a> and with the push to 4K in March we have broken <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f5dd.png" alt="🗝" class="wp-smiley" style="height: 1em; max-height: 1em;"> market structure to the upside 
 Also, the local Weekly MS leading into it remains bullish, marked on the chart with HL… <a href="https://t.co/QisXiDUXxr" rel="nofollow">pic.twitter.com/QisXiDUXxr</a> 
 — JACKIS (@i_am_jackis) <a href="https://twitter.com/i_am_jackis/status/1789971799855288797?ref_src=twsrc%5Etfw" rel="nofollow">May 13, 2024</a>
</blockquote> 
<h2 data-sourcepos="15:1-15:46" id="strong-the-sec-decision-a-potential-game-changer-strong">The SEC Decision: A Potential Game Changer</h2> 
The price of Ethereum could receive a significant boost from an upcoming decision by the U.S. Securities and Exchange Commission (SEC). By May 25th, the SEC is expected to rule on three applications for<a href="https://www.investopedia.com/understanding-spot-ethereum-etfs-8622726#:~:text=Spot%20Ethereum%20ETFs%20would%20offer,stake%20(PoS)%20consensus%20model." target="_blank" rel="noopener nofollow"> Ethereum-based Exchange-Traded Funds (ETFs).</a> 
<img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/X8qNLolc/" width="1835" height="883"> 
A green light from the SEC for these ETFs would open the door for institutional investment into Ethereum, potentially leading to a surge in demand and price. Conversely, a rejection could dampen investor sentiment and trigger a pullback. 
Related Reading: <a href="https://www.newsbtc.com/news/on-a-tear-toncoin-outshines-bitcoin-with-price-surge-and-social-buzz/" target="_blank" rel="noopener ">On A Tear: Toncoin Outshines Bitcoin With Price Surge And Social Buzz</a> Local Market Structure Hints At Underlying Bullishness 
A closer look at Ethereum’s weekly chart reveals a bullish undercurrent despite the recent price dip. The presence of higher lows and higher Highs throughout the past few weeks indicates a healthy uptrend, with the current pullback seen as a natural consolidation phase. 
Featured image from defense.gov, chart from TradingView

Bullish On Ethereum: Analyst Predicts Crypto’s Imminent Takeoff

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