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Analyst Calls For Crypto’s Imminent Takeoff

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has been a rollercoaster ride for investors lately. After dipping below $2,820, it surged to over $3,200, only to retrace some of those gains. However, analysts remain optimistic, citing technical indicators and a key regulatory decision on the horizon as potential catalysts for a near-term price increase.

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Ethereum Price Poised For A Breakout?

Technical analysts are pointing to bullish signals suggesting a potential bounce back for Ethereum. Analyst Titan Of Crypto believes a successful “Bullish Cypher Pattern” has played out, with all projected targets met. Currently, Ethereum sits at a pivotal support level, the 38.2% Fibonacci retracement, often seen as a springboard for upward momentum in bull markets.

This level has historically acted as a crucial support zone, says Titan. An optimistic outlook anticipates a price rebound from here.

Adding to the bullish sentiment, analyst JACKIS emphasizes the significance of Ethereum’s recent surge above $4,000 in March. This, according to JACKIS, represents a significant shift in the market structure towards a long-term uptrend.

The SEC Decision: A Potential Game Changer

The price of Ethereum could receive a significant boost from an upcoming decision by the U.S. Securities and Exchange Commission (SEC). By May 25th, the SEC is expected to rule on three applications for Ethereum-based Exchange-Traded Funds (ETFs).

Ethereum is now trading at $2910. Chart: TradingView

A green light from the SEC for these ETFs would open the door for institutional investment into Ethereum, potentially leading to a surge in demand and price. Conversely, a rejection could dampen investor sentiment and trigger a pullback.

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Local Market Structure Hints At Underlying Bullishness

A closer look at Ethereum’s weekly chart reveals a bullish undercurrent despite the recent price dip. The presence of higher lows and higher Highs throughout the past few weeks indicates a healthy uptrend, with the current pullback seen as a natural consolidation phase.

Featured image from defense.gov, chart from TradingView



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