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Traders continue to push Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) price closer to $4,000 on May 27, with the altcoin registering a 3.5% gain for the day.&nbsp;
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> shows strong performance from Ether which rose from a low of $3,048 on May 20, climbing 27% to reach a 10-week high of $3,964 on May 27.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/13c3bde7-7f21-4fa8-a604-09ff9818d3df.png">
 <figcaption style="text-align: center;">ETH/USD daily chart. Source: <a href="https://www.tradingview.com/x/qCcpV808/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
Ether’s performance over the last seven days has <a href="https://cointelegraph.com/news/ether-price-surge-18-percent-new-hope-spot-eth-etf-approvals" rel="noopener noreferrer nofollow">largely been driven</a> by the markets’ anticipation that the spot Ethereum exchange-traded funds (ETFs) in the United States would be approved. Even though <a href="https://cointelegraph.com/news/ethereum-lackluster-performance-has-little-to-do-with-spot-eth-etf-approval#:~:text=The%20Ethereum%20spot%20exchange%2Dtraded,%243%2C943%20just%20two%20days%20earlier." rel="noopener noreferrer nofollow">ETH displayed a lackluster performance</a> after the approval, the move toward $4,000 is viewed as significant.
Crypto analyst Jelle said that Ether has completed a long period of accumulation and with the <a href="https://cointelegraph.com/news/sec-spot-ether-etf-approved" rel="noopener noreferrer nofollow">spot Ethereum ETFs approved</a>, the price is ready to enter the “stratosphere.”
Though it “took much longer than anticipated,” market participants are “finally seeing bull-market ethereum again,” Jelle <a href="https://x.com/CryptoJelleNL/status/1795041585345823108" target="_blank" rel="noopener noreferrer nofollow">explained</a> in a May 27 post on X.
Analyst and founder of MN Capital Michaël van de Poppe made similar observations using a weekly ETH/BTC chart. According to van de Poppe, the weekly relative strength index (RSI) had produced a bullish divergence, signifying the start of capital rotation from Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) into altcoins after an extended <a href="https://cointelegraph.com/news/crypto-winter-won-t-end-in-2023-bitcoin-advocate-david-marcus" rel="noopener noreferrer nofollow">crypto winter</a>.
<blockquote>“The chances are significant that the 2.5-year bear market is finally over for Ethereum.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/6b00c15d-1e61-477e-931b-d0f095e9d9b9.jpeg">
 <figcaption style="text-align: center;">ETH/BTC weekly chart. Source: <a href="https://x.com/CryptoMichNL/status/1794397513660731866" target="_blank" rel="noopener noreferrer nofollow">Michaël van de Poppe</a>
 </figcaption>
</figure>
“#ETH confirms a bullish divergence and a break of the downtrend, ” crypto trader Matthew Hyland <a href="https://x.com/MatthewHyland_/status/1794888421338706393" target="_blank" rel="noopener noreferrer nofollow">declared</a> in a May 27 <a href="https://x.com/MatthewHyland_/status/1793305134237143426" target="_blank" rel="noopener noreferrer nofollow">post</a> on X, adding that an increase in trading volume would “further validate the breakout.”
Fellow analyst Tuur Demeester believes that the Ethereum market euphoria has yet to materialize. In a May 25 post on X, Demeester shared the following chart: The ETH/BTC pair “needs to breach 0.06 to turn bullish.”
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/d3e9e1c0-fcc4-4a2e-adbf-e18982c3749f.png">
 <figcaption style="text-align: center;">ETH/BTC weekly chart. Source: <a href="https://x.com/TuurDemeester/status/1794199023198593336" target="_blank" rel="noopener noreferrer nofollow">Tuur Demeester</a>
 </figcaption>
</figure>
It is worth noting that the ETH/BTC pair was trading at 0.056 at the time of publication, with the 50-week simple moving average (SMA) providing immediate support.
The price was required to hold this support to increase the chances of flipping the long-term descending trendline (blue) into support. If this happens, ETH/BTC will rise to confront resistance from the 0.06 level embraced by the 200-week SMA.
The chart below shows that breaching this level doesn’t mean that the pair is out of the woods yet. It will still have to flip the 100-week SMA at 0.063 to confirm the breakout.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/9d775aaa-b1cf-45a2-a5e2-59a01c62fccb.png">
 <figcaption style="text-align: center;">ETH/BTC weekly chart. Source: <a href="https://www.tradingview.com/x/2rFzcHad/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
Meanwhile, data from on-chain metrics provider CryptoQuant shows ETH balance on exchanges has been decreasing over the last 12 months to reach a six-year low of 13.58 million ETH on May 20.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/9fbbb43e-70a2-4cdc-8601-07115756bf51.png">
 <figcaption style="text-align: center;">ETH balance on exchanges. Source: CryptoQuant
 </figcaption>
</figure>
The decreasing Ether balance on exchanges signifies traders’ adoption of long-term investment strategies, indicating increased confidence in the long-term potential and <a href="https://cointelegraph.com/explained/why-does-ethereum-have-an-intrinsic-value" rel="noopener noreferrer nofollow">value of Ether</a>.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ethereum price in ‘bull market’ after spot ETH ETF approvals greenlight rally toward $4K

Cointelegraph

Інші статті, опубліковані 27 трав. 2024 р.

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