Technical Analysis
Ethereum (ETH) has shown signs of a potential upturn based on a technical candlestick pattern. The ETH/BTC ratio has reversed from a long-term support trend line, which historically has led to altcoin price increases.
Bullish Indicators
- Higher lows in the monthly chart suggest buyers are absorbing selling pressure.
- A double-bar bullish reversal pattern could trigger increased demand.
- A bullish close in June could lead to a further rally.
Potential Targets
If the ETH/BTC ratio breaks above 0.08 BTC, it could push ETH close to its 2017 highs. This would represent a 40% gain against Bitcoin.
Spot Ethereum ETFs
The recent approval of spot Ethereum ETFs could drive demand for ETH. Wall Street institutions have been investing in Bitcoin through spot ETFs, and the same could happen for Ethereum.
Price Predictions
ETH prices have already surged 30% in response to the ETF approval. If the reception is positive, ETH could continue to rise, potentially reaching $4,100 or even its 2021 all-time highs.
