Ethereum: Bullish Signs Point to Potential All-Time High

Crypto analyst Javon Marks highlights several positive indicators for Ethereum (ETH):

Bullish Metrics

  • Bull flag pattern: Forming on the price chart, indicating a potential breakout.
  • Higher lows: Price action shows increasing support levels.
  • Hidden bullish divergence: RSI indicator suggests a bullish trend despite price fluctuations.

Marks predicts a potential new all-time high (ATH) for ETH, with a 63% upside to $4,811.

Altcoin Impact

Analyst MichaĆ«l van de Poppe suggests that Ethereum’s potential surge could trigger gains for altcoins. However, he cautions that an ETF rejection could lead to a decline.

Concerns and Challenges

  • SEC ETF rejection: Could negatively impact ETH’s price.
  • Inflationary trend: Decun upgrade has reduced transaction fees, decreasing ETH’s burn rate.
  • Weak price action: Ethereum’s performance has been underwhelming, affecting altcoins.
  • Downward wedge pattern: ETH/BTC chart indicates a potential downtrend.

Current Market Status

As of writing, Ethereum is trading around $2906, slightly down in the past 24 hours.