Crypto expert Ali Martinez noted that the TD Sequential indicator signaled a buy sign on Ethereum’s (ETH) daily price chart. This signal hints at a potential price increase, possibly lasting one to four candlestick periods. It suggests ETH could experience a short-term rally in the next few days.
At present, Ethereum’s price is $2,916.15. In the past 24 hours, the cryptocurrency has had a trading volume of $11.40 billion, and its market capitalization is $350.28 billion. Despite this positive buy signal, the price of ETH has experienced a marginal decline of 0.01% in the last 24 hours.
Ethereum May Test $2500 Support Before Bullish Flag Breakout
Famous crypto analyst Crypto Patel has identified a major pattern in the ETH/USDT daily chart that points towards the continuation of an uptrend in Ethereum. According to Patel, ETH is forming a bullish flag pattern, a technical formation often indicative of further gains. Note the critical resistance level around $3200 and the 200-day Exponential Moving Average (EMA) standing approximately around a critical support level of $2632.22.
Recent market activity saw a fakeout near the resistance, where the price briefly moved above the resistance level but then fell back. The price of Ethereum is now stable and may be gearing up for a bullish flag pattern breakthrough. Analyst Patel suggests that ETH might test the $2,500 support level before this breakout. Traders need to keep an eye on this critical point.
Another well-known analyst, Cryptorphic, agrees with Patel’s analysis. Cryptorphic points out that Ethereum is upholding the bull flag pattern, with the $2,700-$2,800 support zone remaining intact. However, Ethereum has yet to rise above the blue EMA and the upper trendline, which is crucial for confirming a bullish trend.
Ethereum ETF Approval Could Drive Prices Higher
The SEC’s pending decision on whether to approve a spot Ethereum Exchange-Traded Fund (ETF), which is expected on May 23, 2024, is only building up market anticipation. Two questions arise from this decision: Will the spot ETH ETF be approved by the SEC, or will it delay or reject it? Is it possible for the spot ETH ETF to achieve what has been done by the spot BTC ETF?
This SEC ruling will significantly affect ETH’s price. If approved, it might increase Ethereum’s value, similar to Bitcoin’s spot ETF. Conversely, if delayed or turned down, it may stop the existing bullish momentum. Market players should, therefore, pay close attention to whatever they do until the SEC gives its verdict and also try to keep themselves updated regarding any regulatory developments.
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