Ethereum (ETH) Price Jumps 5%, This Breakout Can Trigger Bull Run
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.
The post Ethereum (ETH) Price Jumps 5%, This Breakout Can Trigger Bull Run appeared first on CoinGape.
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