Claim CardEthereum (ETH) Price Jumps 5%, This Breakout Can Trigger Bull Run
Highlights
- If the ETH price sustains above $3,100 it could rally further to new high levels.
- Coming months are going to be exciting for Ethereum, notes Van de Poppe.
- Coinbase believes that one must not understate the importance of spot Ethereum ETF
The world’s second-largest cryptocurrency Ethereum (ETH) is posing a strong recovery in the market jumping over 5% and shooting past $3,100 levels. After facing strong selling pressure for a few weeks, the ETH bulls are once again taking up the charge with the SEC decision on the spot Ethereum ETF approval just a week from now.
Ethereum (ETH) Price Breakout
Ethereum (ETH) price is currently trading around $3,087. It has recently broken out of a falling wedge pattern on the daily timeframe. If the price manages to close above this breakout level, we can anticipate a bullish momentum for Ethereum, as the falling wedge pattern is typically a bullish indicator.
However, one must note that Ethereum has severely underperformed Bitcoin throughout this year in 2024 so far. The ETH/BTC price ratio reached a three-year low on Thursday at 0.044. Since the Merge, the correlation between BTC and ETH has decreased by 45%, diminishing the likelihood of “the flippening” occurring in the near future.
ETH Can Suprise on the Upside
While Ethereum has continued to stay under constant selling pressure, popular market analyst Michael van de Poppe believes that ETH could be gearing up for a strong surge on the upside. He wrote: “Coming weeks are going to be big for Ethereum and the whole ecosystem and markets are super negative”.
In its latest research report published last Wednesday, crypto exchange Coinbase stated that Ethereum could surprise investors on the upside. Ether could potentially see an upside surprise in the coming months,” the report stated, highlighting that the cryptocurrency lacks “significant supply-side pressures” such as token unlocks or miner sales.
Furthermore, Coinbase believes that one must not understate the importance of spot Ethereum ETF. “We believe the market may be underestimating the timing and likelihood of potential approval, leaving room for upside surprises,” Coinbase stated.
“Even if the first deadline of May 23, 2024 encounters a rejection, we think there is a high likelihood that litigation could reverse that decision,” the note said.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Expert Predicts Deeper Bitcoin Decline as JPMorgan CEO Warns of Similarities to the 2008 Financial Crisis
- Trump Won’t Pardon FTX’s Sam Bankman-Fried (SBF), White House Says
- Third Spot SUI ETF Goes Live as 21Shares Fund Launches on Nasdaq
- Mark Zuckerberg’s Meta Reportedly Eyes Stablecoin Integration This Year Amid Regulatory Clarity
- Coinbase Rivals Robinhood As It Rolls Out Stocks, ETFs Trading In ‘Everything Exchange’ Push
- Cardano Price Signals Rebound as Whales Accumulate 819M ADA
- Sui Price Eyes Recovery as Third Spot SUI ETF Debuts on Nasdaq
- Pi Network Price Eyes a 30% Jump as Migrations Jumps to 16M
- Will Ethereum Price Dip to $1,500 as Vitalik Buterin Continues Selling ETH?
- XRP Price Outlook as Clarity Act Passage Odds Plunge to 53%
- COIN Stock Risks Crashing to $100 as Odds of US Striking Iran Jump
