Ethereum

Ethereum Bulls On The Rise? Crucial Indicator Point To A Major Upturn

2 Mins read

Ethereum (ETH), the second-largest crypto by market capitalization, has recently shown signs that suggest a potential rebound is on the horizon.

Analysts have been closely monitoring various technical indicators, and one such analyst, Ali, has highlighted a key signal that points to an impending price surge.

Related Reading

TD Sequential Signals Buy As Ethereum Eyes Recovery 

According to Ali’s social media platform X analysis, the TD Sequential indicator on Ethereum’s daily chart has issued a strong buy signal, hinting at a possible upward movement lasting one to four candlesticks.

This positive outlook is supported by Ethereum’s recent performance, which increased the asset by 2.3% over the last 24 hours.

Ethereum (ETH) price chart on TradingView
ETH price is moving sideways on the 4-hour chart. Source: ETH/USDT on TradingView.com

However, Ethereum remains below the critical $3,000 mark. Despite the optimistic technical signals, external factors such as regulatory challenges could influence Ethereum’s trajectory.

Specifically, the potential decline of the spot Ethereum ETF application with the US Securities and Exchange Commission (SEC) is a concern, as analysts like Eric Balchunas of Bloomberg suggest that the SEC’s view of ETH as a security could significantly lower the chances of ETF approval.

Market Sentiments And Options Trading Trends

While the regulatory landscape presents challenges, market sentiment around Ethereum remains largely bullish. The options market, in particular, shows a clear preference for calls over puts, indicating that traders are betting on Ethereum’s price increase.

Data from Deribit, a leading crypto options exchange, reveals that the most popular strike price among these bullish bets is an ambitious $6,500.

This concentration of call options, especially those above the $3,600 mark, suggests that a significant portion of the market expects Ethereum to reach higher levels by the end of June.

In contrast, According to a recent NBTC analysis, Ethereum’s failure to breach the $2,925 resistance level could trigger another price decline. Initial support is located near the $2,880 level, followed by major support at the $2,860 zone.

Related Reading

Should Ethereum break below $2,810, it could potentially fall towards the $2,740 mark, and further losses might push the price down to $2,650 in the near term.

Featured image from Unsplash, Chart from TradingView



Source link

Related posts
Ethereum

Coinbase expects 30% to 40% chance of spot ETH ETF approval by month-end

2 Mins read
Crypto exchange Coinbase believes the odds of the SEC approving spot Ethereum ETFs by the end of the month stand between 30%…
Ethereum

Developer Ignites Firestorm, Claims Ethereum Layer-2s Operate As Unregistered MSBs

2 Mins read
Ethereum is a legacy chain that has scaled over time to address the needs of the ever-demanding global user base. To relieve…
Ethereum

Expert Sets Timeline For When Ethereum Price Will Begin Rally To $10,000

2 Mins read
A crypto analyst has made a daring prediction for Ethereum (ETH), setting the timeline for when the world’s second-largest cryptocurrency would embark…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *