Ethereum
Ethereum is undergoing a major breakthrough and heading towards a new all-time high?
Galicia, Spain; April 19, 2021: Ethereum coin and stock chart background with falling prices. Cryptocurrency
Ethereum has yet to see any upward movement today, following the historic approval of ETH Spot exchange-traded funds (ETFs). However, given the impact of exchange funds, like that of Bitcoin, several crypto analysts and market watchers are predicting a major rally for ETH in the coming months.
Joining the fray is popular cryptocurrency expert and trader Javon Marks, who has highlighted a notable breakout in Ethereum price action, speculating that the development could spark a notable rally for the crypto asset.
Ethereum Breakout Signals New All-Time Highs
Marks’ prediction highlights the possibility that ETH could reach unprecedented price levels after several distinct bullish moves emerge. He noted that shortly after presenting several distinct bullish moves, ETH prices confirmed a major breakout. For this reason, a significant movement in the upward trajectory could be underway.
Earlier this month, Marks highlighted four bullish metrics in Ethereum price. These include a Bull Flag type price structure, higher lows in the price action, lower lows in the Relative Strength Index (RSI), and a larger upward price breakout up to the price mark of $4,811.
Sharing insights on the Bull Flag pattern, Javon Marks says a breakout could result in new all-time highs for ETH, and to the benefit of many. Altcoins. However, a few days later, the analyst reported that Ethereum was approaching Bull Flag pattern breakout levels. If a successful breakout occurs, it will only initiate the next stage of substantial growth.
Concretely, in the event of a breakout, the price of ETH could rise by around +50% from the then level, reaching $4,811. Furthermore, this could potentially lead to prices surpassing $5,000 and setting new highs.
Meanwhile, less than 2 hours later, the expert confirms that the asset has left the trend at light speed and is moving upwards. So, after this breakout, ETH prices could be poised to rise another 23.4% from the current level against the aforementioned price targets, while suggesting that further growth could be on the horizon on the horizon.
ETH sees bearish movement
Currently, the digital asset is experiencing a bearish movement after failing to surpass the $4,000 mark once again. Even though the entire crypto market is seeing bearish momentum, a good recovery is expected to happen soon.
Despite the approval of ETH Spot ETF, the coin recorded a decline of more than 5% in the last 24 hours. However, over the past week, ETH has accumulated gains of over 20%, showing resilience to attract more.
Its market capitalization declined by more than 5% over the past day to $445.95 billion. Meanwhile, its trading volume is valued at $45.29 billion, indicating an increase of over 65% over the past day.
Featured image from iStock, chart from Tradingview.com