Ethereum

Nice

Ethereum (ETH), the second-largest crypto by market capitalization, has recently shown signs that suggest a potential rebound is on the horizon. 
Analysts have been closely monitoring various technical indicators, and one such analyst, Ali, has <a href="https://twitter.com/ali_charts/status/1790682299387850852?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">highlighted</a> a key signal that points to an <a href="https://www.newsbtc.com/news/bullish-on-ethereum-analyst-calls-for-cryptos-imminent-takeoff/" target="_blank" rel="noopener ">impending price surge</a>. 
<h2 id="td-sequential-signals-buy-as-ethereum-eyes-recovery">TD Sequential Signals Buy As Ethereum Eyes Recovery&nbsp;</h2> 
According to Ali’s social media platform X analysis, the TD Sequential indicator on Ethereum’s daily chart has issued a strong buy signal, hinting at a possible upward movement lasting one to four candlesticks. 
<blockquote class="twitter-tweet"> 
 The TD Sequential presents a buy signal on the <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Ethereum</a> daily chart! It anticipates that <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a> could see a rebound of one to four candlesticks. <a href="https://t.co/Vg7FTl9X2a" target="_blank" rel="noopener nofollow">pic.twitter.com/Vg7FTl9X2a</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1790682299387850852?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">May 15, 2024</a>
</blockquote> 
This positive outlook is supported by Ethereum’s <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-takes-hit-2865/" target="_blank" rel="noopener ">recent performance</a>, which increased the asset by 2.3% over the last 24 hours. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/UolUDsbc/" alt="Ethereum (ETH) price chart on TradingView" width="2770" height="1496"> 
However, Ethereum remains below the critical $3,000 mark. Despite the optimistic technical signals, external factors such as regulatory challenges could <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-ethereum-and-solana-galaxy-digital-ceo-predicts-next-market-movements/" target="_blank" rel="noopener ">influence Ethereum’s trajectory</a>. 
Specifically, the potential decline of the spot Ethereum ETF application with the US Securities and Exchange Commission (SEC) is a concern, as analysts like Eric Balchunas of Bloomberg suggest that the SEC’s view of ETH as a security could significantly lower the chances of ETF approval. 
<blockquote class="twitter-tweet"> 
 TLDR: the SEC asked commenters re the Eth spot ETFs whether these filers have properly filed their ETF listing proposals as commodities. This shows the SEC is perhaps considering to Eth is a security in their denial. Our odds of approval remain the same: slim to none. Nice job of… <a href="https://t.co/g9HGPzGyOp" target="_blank" rel="noopener nofollow">https://t.co/g9HGPzGyOp</a> 
 — Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1790384182717190481?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">May 14, 2024</a>
</blockquote> 
<h2 id="market-sentiments-and-options-trading-trends">Market Sentiments And Options Trading Trends</h2> 
While the regulatory landscape presents challenges, market sentiment around Ethereum remains largely bullish. The options market, in particular, shows a <a href="https://www.newsbtc.com/news/ethereum/is-ethereum-set-for-a-major-rally-options-traders-bet-big-on-3600-targets-for-june/">clear preference for calls over puts</a>, indicating that traders are betting on Ethereum’s price increase. 
Data from Deribit, a leading crypto options exchange, reveals that the most popular strike price among these bullish bets is an ambitious $6,500. 
This concentration of call options, especially those above the $3,600 mark, suggests that a significant portion of the market expects Ethereum to reach higher levels by the end of June. 
In contrast, According to a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-break-2925/" target="_blank" rel="noopener ">recent</a> NBTC analysis, Ethereum’s failure to breach the $2,925 resistance level could trigger another price decline. Initial support is located near the $2,880 level, followed by major support at the $2,860 zone. 
Should Ethereum break below $2,810, it could potentially fall towards the $2,740 mark, and further losses might push the price down to $2,650 in the near term. 
Featured image from Unsplash, Chart from TradingView

Ethereum Bulls On The Rise? Crucial Indicator Point To A Major Upturn

Table of Contents

NewsBTC

Other articles published on May 16, 2024

Bitcoin Supply on Exchanges Falls as Bullish Pressure Mounts

Binance Battles Address Poisoning Scams with New Algorithm

Coinbase Targets $664 Million Australian Pension Market

Chinese Authorities Bust $1.9 Billion Illegal Crypto Banking Network, Arrest 193 Suspects

GameStop (GME) Frenzy Spreads Into Crypto Meme Coins, Caution Ahead?

Tether (USDT) Announced A Partnership With This Altcoin!

Join our free newsletter for daily crypto updates!