Ethereum (ETH) has become the clear leader in recent months, showing great success and a bright future. The latest changes in the price of Ethereum on WorldOfCharts show that it could go up by a lot in the future. It’s going for around $3,450 right now.
A look at the 4-hour timeframe by WorldOfCharts shows that Ethereum has made a bullish flag formation. This shows that the market for altcoins is going forward quickly. Because this pattern shows a period of stability after a sharp rise, it’s likely that the rise will continue.
Ethereum’s Potential Price Breakout
“ETH’s recent spike in mid-June followed by a period of consolidation has set the stage for a potential breakout,” said the trader. “A decisive move above the upper trendline of the flag pattern could propel Ethereum’s price towards $4,500, marking a substantial 33.69% increase from current levels.”
ETH’s outlook has been improved by important legal changes, most notably the SEC’s approval of spot Ether ETFs in late May. A lot of currency has come into ETH since the decision, which shows that investors and institutions are becoming more confident in the platform.
The fact that these Ethereum ETFs are set to go live on July 4, 2024, adds to the positive mood around the coin. Gary Gensler, the chair of the SEC, said that the approval process is going smoothly. This raised hopes for a quick launch and showed ETH’s way to becoming widely accepted.
In the last 24 hours, trades have gone up by 6.16%, and the price of Ethereum has gone up by 2.46%. This shows that the market is strongly moving upwards. There have also been major short sales worth $10.83 million because of the market’s positive direction.
That being said, ETH will have to deal with a lot of opposition and support in the future. The price of the coin has had a hard time staying above $3,629 for the past few weeks. $3,829 could be a trouble spot. If Ethereum goes below $3,300, on the other hand, it might try to push through $3,110 below.
