As a researcher with a background in cryptocurrencies and market analysis, I’m excited to see Ethereum (ETH) showing signs of recovery, jumping over 5% and surpassing the $3,100 levels. After facing selling pressure for several weeks, it’s encouraging to see the bulls taking charge once again.
Ethereum (ETH), the world’s second-largest cryptocurrency, is experiencing a robust market rebound, surging more than 5% and surpassing the $3,100 threshold. Following a period of intense selling pressure, Ethereum investors have regained momentum as the Securities and Exchange Commission (SEC) is expected to make a decision on approving a spot Ethereum ETF within the next week.
Ethereum (ETH) Price Breakout
As a researcher studying cryptocurrency markets, I’ve observed that Ethereum (ETH) is presently trading near $3,087. Notably, this digital currency has breached the resistance line of a falling wedge formation on its daily chart. If Ethereum successfully ends the trading day above this breakout point, it may signal a bullish trend for Ethereum, as a falling wedge is generally considered a bullish pattern in technical analysis.
As an analyst, I’ve observed that Ethereum has significantly underperformed Bitcoin this year, with the ETH/BTC price ratio hitting a three-year low of 0.044 on Thursday. Following the Merge event, the correlation between Bitcoin and Ethereum has weakened by approximately 45%. Consequently, the chances of Ethereum surpassing Bitcoin in terms of market dominance, also known as “the flippening,” seem unlikely to materialize in the immediate future.
ETH Can Suprise on the Upside
Despite Ethereum facing persistent selling forces, market analyst Michael van de Poppe is optimistic about its potential for significant gains in the near future. In his assessment, he stated, “The upcoming weeks hold great significance for Ethereum and its associated ecosystem as the market sentiment remains highly negative.”
As a crypto market analyst, I’ve recently come across an intriguing finding from Coinbase’s latest research report. Published last Wednesday, their analysis hints at the possibility of Ethereum outperforming expectations. In simpler terms, Ether might deliver a pleasant surprise for investors in the upcoming months. What makes this potential development noteworthy is the absence of substantial supply-side pressures. Factors such as token unlocks or miner sales, which could increase the circulating supply and potentially dampen price growth, seem to be minimal in Ethereum’s case.
According to Coinbase, the significance of a spot Ethereum ETF should not be overlooked. The company expressed its belief that the market might be underestimating both the approval’s timeline and probability, implying potential positive surprises if approved sooner than expected.
If the initial deadline of May 23, 2024 is denied, we believe there’s a strong chance that legal action could overturn this outcome.
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2024-05-18 09:43