Crypto Trader Foresees Possible Ether Surge Towards $5,000 Based on Three Key Indicators
Summary:
A crypto trader known as Blockchain Mane anticipates Ether (ETH) may return to its near-$5,000 value, as three long-term indicators keep signaling positively. The trader cited Ethereum's increasing market dominance, the Fibonacci Retracement, and the Parabolic Curve as key predictors. This development comes after the US SEC began softening its stance on Ether spot ETFs. However, readers are reminded to perform their own research as investments bear risks.
Ether (ETH) could revisit the near-$5,000 value it previously missed in 2021, provided three key indicators keep signalling positive, according to one cryptocurrency trader. Blockchain Mane, a pseudonymous trader, told Cointelegraph that the dominance chart implies the start of an 'ETH Season,' which suggests Ethereum may outshine other digital currencies. This prediction comes after the Securities and Exchange Commission's (SEC) initial authorization of eight Ether spot ETFs on May 23. Per TradingView data, ETH dominance, or its percentage in the crypto market, has risen by 19.56% in the past week following news that the SEC was softening its approach towards ETF approvals. The Ethereum dominance increased by 18.45% in the same period. Blockchain Mane also highlighted another important long-term predictor, the Fibonacci Retracement, which indicates robust support. It anticipates potential price levels for Ether's rebound based on the Fibonacci sequence mathematical patterns. Blockchain Mane stated that ETH exhibits "resistance levels at $5080.60 and $6231.83," a value it hasn't approached since its all-time high in November 2021 of $4,878, as per CoinMarketCap. At report time, Ether was valued at $3,802. In the view of Blockchain Mane, a third critical metric is the Parabolic Curve, which identifies potential trend alterations by placing dots along Ether's price direction. Mane mentioned ETH is following a "positive trend" along the curve, marked by three stages: Base 1, Base 2, and Base 3. The Parabolic curve suggests a continued upward trend, particularly after the descending wedge breakout, according to Mane. Other cryptocurrency traders are concentrating on short-term price trends in the wake of spot Ether ETF approvals. According to crypto commentator Benjamin Cowen, "ETH has increased more this week than the S&P 500 typically delivers in a year," as he mentioned in a May 23 post. Matthew Hyland, a cryptocurrency trader, thinks it's crucial for Ether to "maintain" support around $3,800 for the upward trend to continue. Ether's price didn't change significantly after ETF approvals, likely due to it already being factored in and since ETF trading hasn't begun. This article offers no investment guidance or recommendations. All investments and trading maneuvers have risks, and readers must undertake their own research before making decisions.
Published At
5/24/2024 9:15:29 AM
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