Today, Ethereum hasn’t gone up much, even though the ETH Spot Exchange-Traded Funds (ETFs) were approved, which was a major deal. However many crypto experts and market watchers think that ETH will rise in the next few months like Bitcoin did.
Famous cryptocurrency trader and expert Javon Marks has pointed out a significant breakout in Ethereum’s price action, which he says could lead to a major gain for the cryptocurrency asset.
Marks thinks that ETH could hit prices that have never been seen before after several clear bullish indicators have shown up. He said that the price of ETH confirmed a big breakout soon after showing several bullish signs. Because of this, a major upward trend may be on the way.
Ethereum Shows Four Bullish Signs
Marks found four signs that Ethereum’s price was going up earlier this month: a price structure that looked like a Bull Flag, higher lows in the price action, lower lows in the Relative Strength Index (RSI), and a bigger price rise to the $4,811 mark.
Marks talks about the Bull Flag-like pattern and how a rise could set new all-time highs for ETH and help many other cryptocurrencies. A few days later, he said Ethereum was getting close to the levels where the Bull Flag pattern would break out. In the event of a successful breakout, the next stage of serious growth would begin. In particular, if there is a breakout, the price of ETH could go up about 50% from where it is now to $4,811, and it could even hit $5,000 and set new records.
Marks reported that ETH had quickly broken out of the pattern in less than two hours and was going up. If this breakout happens, the price of ETH could go up by another 23.4% from where it is now to the price goals listed above. This means that more growth is on the way.
ETH is declining because it failed to break through the $4,000 mark again. Even though the whole crypto market is going down, a good rebound is expected soon.
Even though ETH spot ETFs were approved, the coin’s price has dropped more than 5% in the past 24 hours. However, it has gone up more than 20% in the last week, showing that it is strong and drawing more attention.
In the last day, ETH’s market value dropped more than 5% to $445.95 billion, but trade volume rose more than 65% to $45.29 billion during the same period.
