Bull Run or Major Correction for Ethereum (ETH) After ETF Approvals? Analysts step in
TL;DR
- Ethereum (ETH) is up over 20% this week, approaching $4,000 on hopes of SEC approval for spot ETH ETFs. However, the official green light led to significant market fluctuations and a drop in prices.
- Analysts are divided on the future of ETH; Some predict a major price increase, while others expect short-term corrections. Fundamental indicators are signaling a potential upside.
Ethereum (ETH) was among the best-performing cryptocurrencies last week, with its price rising over 20% and briefly approaching the $4,000 level. Rally triggered Due to resurgent hopes that the U.S. Securities and Exchange Commission (SEC) is changing its stance on approving or denying ETF applications.
Green light happened Instead of an additional price increase, this caused a massive surge in the entire cryptocurrency industry and ETH entered the red zone.
ETH Price, Source: CoinGecko
It is worth noting that the market reacted quite similarly in January this year when the American securities regulator did not approve spot BTC ETFs.
Many analysts gave their two cents on the hot topic, with many describing the move as a move. mother bullish factor for the entire cryptocurrency industry. A person who shares this thesis popular investor and entrepreneur Anthony Pompliano.
X user CryptoYoddha also joined in, claiming that he “doesn’t care whether Ethereum approves ETFs or not.” Analyst supplied a painting according to this The asset’s value is predicted to exceed $13,000 next year, assuming this will coincide with the peak of the bull cycle.
But, Not all of them like that HE optimistic. Ali Martinez weighed in on the issue shortly before the SEC’s green light, suggesting that TD Sequential “offered a sell signal on Ethereum’s daily chart.” Therefore, he predicts “one to four candlestick corrections per day for ETH.”
TD Sequential is a key indicator developed by Tom DeMark. It is used to identify potential trend extinction and reversal points in financial and crypto markets. Based on consecutive bars closing higher or higher Iflower.
What Are the Signals of Other Metrics?
A. mother possible element give a clue about ETH’s next price movement open interest. The indicator refers to the total number of outstanding derivative contracts, such as futures or options, that have not yet been settled for Ethereum and is used to measure market sentiment.
Metric lately hit shows an all-time high this is important Price fluctuations in both directions may be on the horizon.
Another indicator worth observing is Ethereum’s exchange net flow, which has been negative for the last two days. Sometime shift from centralized platforms to personal surveillance methods It is thought It shows an upward trend as it reduces the immediate selling pressure.
Last but not least, we will: tap on it Relative Strength Index (RSI) applied to ETH. The indicator measures the speed and variation of price movements and ranges from 0 to 100. A ratio above 70 indicates that the asset may be overbought and it may be time for a correction. latest data demonstrations The RSI appears to be around 52.
ETH RSI, Source: Crypto Waves
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive a special $600 welcome offer on binance (full details).
LIMITED OFFER 2024 on bydfi Exchange: Welcome reward up to $2,888, use this link to register and open 100 USDT-M positions for free!
#Bull #Run #Major #Correction #Ethereum #ETH #ETF #Approvals #Analysts #step