Javon Marks, a cryptocurrency expert, has shown that Ethereum (ETH), the second-largest cryptocurrency by market value, is going up. Marks shared an analysis on X (or Twitter) a few days ago that pointed out a key measure that suggests the digital asset may have hit its all-time high (ATH).
Marks says that the shape of ETH price chart looks like a green flag. In addition, its lower lows make it hard for prices to go down. Also, Marks found a secret positive divergence in the Relative Strength Index (RSI). This means that Ethereum’s price is likely to keep going up.
As Marks saw a possible ATH for Ethereum, he thought that the breakout from the positive flag pattern could send the cryptocurrency to new highs, which would be good for many altcoins. He said that the price of ETH could go up by as much as 63%, hitting $4,811.
Similar thoughts were shared by crypto expert Michaël van de Poppe, who said that ETH would soon make a significant shift because an Ethereum Exchange-Traded Fund (ETF) was about to be approved. Van de Poppe said that this event might lead to a more expansive rise in altcoins, which would be driven by market movement.
Ethereum’s Regulatory Concerns Rise
Reports say that governing bodies like the Securities and Exchange Commission (SEC) might turn down Ethereum ETF applications, which makes people less sure about how Ethereum will do in the future. Analyst James Van Straten said that a drop could make the ETH market less stable, which would cause the ETH BTC ratio to drop.
Derek, another expert, was less optimistic about the cryptocurrency’s recent price performance and dominance because he was worried about government approval and Ethereum’s changing economic model after protocol upgrades. He said that the price is going down, which is worse because of these concerns.
As Derek also said, ETH slow speed had an effect on other altcoins, mostly layer two coins, by causing prices to decline everywhere. He showed a falling wedge pattern on the ETH/BTC chart and said that ETH ability to break out of this pattern would help other coins in the future.
As of right now, CoinMarketCap data says that Ethereum is worth around $2906 USD. In the last 24 hours, the market has gone down because no one knows what will happen.
