Ethereum

Notable

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-price-shows-potential-for-new-all-time-highs/" data-wpel-link="internal">Ethereum Price Shows Potential for New All-Time Highs</a> 
An important technical chart formation indicates that the <a href="https://en.coin-turk.com/ethereums-leading-altcoin-lido-finance-highlights-the-increase-in-total-locked-value/" data-wpel-link="internal">Ethereum</a> price is poised to reach new all-time highs. Can Ethereum turn the psychological mark of $4,000 into support during this process? Ethereum’s price increased by over 27% last week, turning key resistance areas into support. Here are the notable developments and analyst comments. 
<h2 class="p1" style="text-align: justify" id="why-is-ethereum-rising">Why is Ethereum Rising?</h2> 
Following the price increase, Ethereum broke out of a falling wedge chart formation, which potentially indicates a reversal of the previous downtrend. According to crypto investor Jelle, who shared his thoughts with 83,000 followers in a May 27 X post, this breakout could signal a rally towards new all-time highs: 
<blockquote> 
 “Ethereum broke out of the falling wedge, turned key areas into support, and is now pushing $4,000. New peaks and new all-time highs are next.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-356333 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/eth-8.jpg" alt="" width="2048" height="1194"> 
The declining Bitcoin dominance and the recent rise in the ETH/BTC pair over the past few days also indicate that <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> are turning their attention to Ethereum. Bitcoin’s dominance dropped by over 0.98% in the past five days, while Ethereum’s dominance increased by 4.4%. According to TradingView, Ethereum’s dominance rose by 1.45% in the last 24 hours, while Bitcoin’s dominance fell by 0.57%. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-356332 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/ethbtc-1.webp" alt="" width="1747" height="929"> 
<h2 class="p1" style="text-align: justify" id="notable-price-prediction-from-a-famous-name">Notable Price Prediction from a Famous Name</h2> 
Most of Ethereum’s current price increase can be attributed to positive developments around the first spot Ethereum exchange-traded funds. On May 20, Ethereum’s price surged nearly 20% in one day following reports that the US SEC likely requested updates to the 19b-4 filings for spot Ethereum ETFs due to political pressure. 
According to Arthur Cheong, founder and CEO of crypto-focused investment firm DeFiance Capital, in addition to positive investor sentiment, Ethereum’s price could rise to $4,500 before the first spot Ethereum ETFs start trading. In a May 26 X post, Cheong wrote to his 167,000 followers: 
<blockquote> 
 “Ethereum’s price could reach $4,500 before spot ETF funds start trading.” 
</blockquote> 
However, Ethereum’s price faces significant resistance at the psychological barrier of $4,000. According to CoinGlass <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, a potential move above $4,000 would lead to the liquidation of cumulative futures short positions worth $433 million across all exchanges. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-356331 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/coinglass-5.webp" alt="" width="1453" height="476"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-price-shows-potential-for-new-all-time-highs/" data-wpel-link="internal">Ethereum Price Shows Potential for New All-Time Highs</a></h5>

Ethereum Price Shows Potential for New All-Time Highs

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