ETH
Ethereum Price Rally to $5,000 Imminent As Exchange Reserves Shrink
Published
2 months agoon
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adminThe cryptocurrency market is poised to end the third week of July on a bullish note. Bitcoin reached a peak of $67,466 on Friday, marking a 15% weekly surge, while Ethereum price surged to a high of $3,540, achieving a 13.7% rise over the week. Looking ahead, Ethereum will capture significant investor attention as five spot Ethereum exchange-traded funds (ETFs) are slated to commence trading on the Chicago Board Options Exchange on July 23.
Ethereum Price Poised for a Breakout with Upcoming ETFs Launch
Ethereum, the second-largest cryptocurrency by market cap showcased a remarkable recovery in the past two weeks. The bullish turnaround has boasted the assist from $2811 to $3481 registering a growth of 23.8% while the market cap surged to $419.2 Billion.
The recent price jump above daily EMAs (20, 50, 100, and 200) accentuates a positive shift in market sentiment. Moreover, the 4-hour chart revealed the V-shaped recovery daily as the inverted head and shoulder formation.
This bullish reversal chart pattern signals a bottom formation and potential for a new breakout opportunity for traders.
Moreover, the Ethereum transition to Proof-of-Stake (PoS) has catalyzed a significant decline in ETH exchange reserves, as highlighted by on-chain analyst elcryptotavo. Since the PoS implementation, Ethereum holders have increasingly opted to stake their ETH, reducing exchange liquidity.
#Ethereum ticking bomb 💣
🚀 #Ethereum reserves on exchanges have been dropping since the move to Proof-of-Stake (PoS) and the approval of the #ETH ETF has only accelerated this trend. 📉💪
How much more will the ETF impact the reserves? 🤔💼 #Crypto #Blockchain #ETHNews… pic.twitter.com/sj4m6eV4lD
— EL CRYPTO TAVO (@elcryptotavo) July 18, 2024
The approval of the Ethereum ETF has further intensified this trend by providing a new investment vehicle for institutional and retail investors. This scarcity effect is expected to drive up Ethereum prices as supply constraints become more pronounced.
Furthermore, the Chicago Board Options Exchange (Cboe) has officially announced that five Ethereum spot ETFs, managed by VanEck, Invesco, Fidelity, 21Shares, and Franklin Templeton, are set to begin trading on July 23.
Thus, the Ethereum price forecast hints potential breach of the overhead neckline at $3550 and a 9% rise before challenging Flag pattern resistance.
The Ether coin has developed this continuation pattern amid the past 4 months of consolidation. The pattern’s two parallel trendlines as major resistance and support allow buyers to recuperate the exhausted bullish.
The Relative Strength Index indicator at 59% indicates a positive trend for ETH’s future and the potential of entering a high momentum.
A potential breakout from flag resistance will better signal the uptrend continuation and bolster buyers to chase the $5500 target.
Frequently Asked Questions (FAQs)
Ethereum spot ETFs are investment funds traded on stock exchanges, which hold Ethereum as their underlying asset.
A decline in ETH exchange reserves refers to a decrease in the amount of Ethereum held on cryptocurrency exchanges
Amid the upcoming launch of Spot Ethereum ETFs and formation of continuation pattern flag, the ETH price is well-positioned to challenged $4891 peak
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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Recent Ethereum price action saw ETH reaching another low of $2,150 on September 6, raising concerns of a more severe drop towards the $2,000 price level. Although these concerns were eased with a subsequent bounce to $2,460 on September 13, Ethereum remains largely in a downtrend, with a triple-bottom price formation now shaping up.
Interestingly, this triple bottom formation is not new for Ethereum. As technical analysis points out, the current price action seems to repeat a similar playout in mid-2021.
Ethereum Fractal Suggests Rally In Q4
According to a technical analysis by crypto analyst CryptoBullet on social media platform X, Ethereum is shaping up to form a triple bottom price formation on the 1D candlestick time frame. While the third bottom has yet to be fully completed, the analyst draws attention to a similar pattern that unfolded between June and August 2021.
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During those three months, Ethereum’s price fluctuated up and down to create three distinct lows just above the $1,675 mark. After the third low was established, Ethereum experienced a significant bullish rally that propelled it to break through and establish its current all-time high. This upward movement became even more pronounced after a fractal pattern emerged in August 2021, signaling a strong momentum shift.
Recent market dynamics have prompted Ethereum to create two bottoms of around $2,150 in August and September. Interestingly, a recent rejection at the $2,450 resistance has seen Ethereum pushing on a decline. This has prompted analyst CryptoBullet to highlight the possibility of a third low in October, thereby completing the triple bottom formation.
Price formations in cryptocurrency markets are known to repeat over time, often following patterns that can help traders anticipate future movements. While no two market conditions are exactly the same, studying past price movements provides valuable insights into what may happen in the future. A similar playout of the 2021 price action puts on a similar surge for Ethereum in Q4 2024. Notably, the analyst envisioned a rally towards the $3,700 price level.
What’s Next For ETH?
At the time of writing, Ethereum is trading at $2,320 and continues to exhibit a weak short-term outlook. If Ethereum fails to clear the $2,340 resistance, it could start another decline towards $2,150.
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This weak performance and outlook are even more pronounced compared with Bitcoin. As such, Ethereum/Bitcoin is now at its lowest level since April 2021, a staggering 41-month low. Most of this lackluster action has also been exacerbated by selloffs from a few large holders. For instance, Ethereum co-founder Vitalik Buterin recently came under scrutiny for selling $2.2 million worth of Ethereum.
Featured image created with Dall.E, chart from Tradingview.com
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Bitcoin
‘It’s Almost Over’ – Analyst Benjamin Cowen Predicts Ethereum Bottoming Out Against Bitcoin
Published
18 hours agoon
September 18, 2024By
adminPopular crypto analyst Benjamin Cowen thinks Ethereum (ETH) is close to bottoming out against Bitcoin (BTC).
Cowen tells his 856,500 followers on the social media platform X that he thinks the ETH/BTC ratio will bottom out between 0.03-0.04 BTC and then trend up next year.
“It could bottom as early as this week or as late as December. Based on prior capitulations, I think it will happen sooner rather than later…
More people need to understand that ETH/BTC is not equivalent to ETH/USD. Last cycle, ETH/USD kept dropping even after ETH/BTC bottomed. But whenever ETH/BTC does find its cycle low, it should correspond with at least a temporary bounce for ETH/USD.”
Cowen compares the current ETH/BTC chart to the relationship between the top two crypto assets back in 2019.
“While ETH/BTC bottomed shortly after the 1st rate cut in 2019, ETH/USD trended down until [end of year].”
Cowen has been on target with ETH/BTC this year.
ETH is trading at $2,326 at time of writing. The second-ranked crypto asset by market cap is up more than 1.5% in the past 24 hours.
BTC is trading at $60,252 at time of writing. The top-ranked crypto asset by market cap is up more than 3% in the past day.
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Altcoins
‘Run It Back’ – Crypto Analyst Predicts Massive Rallies for Ethereum and Solana, Says October Will Be ‘Lit’
Published
1 week agoon
September 12, 2024By
adminA widely followed crypto strategist believes sharp recoveries are in store for Ethereum (ETH) and its competitor Solana (SOL).
Starting with the top smart contract protocol, pseudonymous analyst Kaleo tells his 647,300 followers on the social media platform X that his bearish scenario for Ethereum is no longer valid.
The trader shares a chart suggesting that ETH has already printed a local bottom and is now gearing up for big rallies.
“The yellow line is cursed.
The white line in this thread has been goated and will continue to be goated.
Run it back.”
Looking at the trader’s chart, he seems to predict that Ethereum will rally to $4,400. At time of writing, ETH is trading for $2,383.
As for Solana, Kaleo shares a chart suggesting that SOL is now en route to a new all-time high after holding support at $120.
“The white lines were and always have been the path. Run it back.”
Based on the trader’s chart, he seems to predict that SOL will rally to a new record level at around $400. At time of writing, SOL is worth $135.63.
Kaleo also says that Q4 will be incredibly bullish for crypto after witnessing an extended corrective period over the last six months or so.
“Uptober is gonna be lit. Upvember will be even better.”
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