Ethereum Bulls On The Rise? Crucial Indicator Point To A Major Upturn

Ethereum
(ETH),
the
second-largest
crypto
by
market
capitalization,
has
recently
shown
signs
that
suggest
a
potential
rebound
is
on
the
horizon.

Analysts
have
been
closely
monitoring
various
technical
indicators,
and
one
such
analyst,
Ali,
has

highlighted
a
key
signal
that
points
to
an

impending
price
surge.

TD
Sequential
Signals
Buy
As
Ethereum
Eyes
Recovery

According
to
Ali’s
social
media
platform
X
analysis,
the
TD
Sequential
indicator
on
Ethereum’s
daily
chart
has
issued
a
strong
buy
signal,
hinting
at
a
possible
upward
movement
lasting
one
to
four
candlesticks.

The
TD
Sequential
presents
a
buy
signal
on
the

#Ethereum
daily
chart!
It
anticipates
that

$ETH
could
see
a
rebound
of
one
to
four
candlesticks.

pic.twitter.com/Vg7FTl9X2a

—
Ali
(@ali_charts)

May
15,
2024

This
positive
outlook
is
supported
by
Ethereum’s

recent
performance,
which
increased
the
asset
by
2.3%
over
the
last
24
hours.

ETH
price
is
moving
sideways
on
the
4-hour
chart.
Source:
ETH/USDT
on

TradingView.com

However,
Ethereum
remains
below
the
critical
$3,000
mark.
Despite
the
optimistic
technical
signals,
external
factors
such
as
regulatory
challenges
could

influence
Ethereum’s
trajectory.

Specifically,
the
potential
decline
of
the
spot
Ethereum
ETF
application
with
the
US
Securities
and
Exchange
Commission
(SEC)
is
a
concern,
as
analysts
like
Eric
Balchunas
of
Bloomberg
suggest
that
the
SEC’s
view
of
ETH
as
a
security
could
significantly
lower
the
chances
of
ETF
approval.

TLDR:
the
SEC
asked
commenters
re
the
Eth
spot
ETFs
whether
these
filers
have
properly
filed
their
ETF
listing
proposals
as
commodities.
This
shows
the
SEC
is
perhaps
considering
to
Eth
is
a
security
in
their
denial.
Our
odds
of
approval
remain
the
same:
slim
to
none.
Nice
job
of…

https://t.co/g9HGPzGyOp

—
Eric
Balchunas
(@EricBalchunas)

May
14,
2024

Market
Sentiments
And
Options
Trading
Trends

While
the
regulatory
landscape
presents
challenges,
market
sentiment
around
Ethereum
remains
largely
bullish.
The
options
market,
in
particular,
shows
a

clear
preference
for
calls
over
puts,
indicating
that
traders
are
betting
on
Ethereum’s
price
increase.

Data
from
Deribit,
a
leading
crypto
options
exchange,
reveals
that
the
most
popular
strike
price
among
these
bullish
bets
is
an
ambitious
$6,500.

This
concentration
of
call
options,
especially
those
above
the
$3,600
mark,
suggests
that
a
significant
portion
of
the
market
expects
Ethereum
to
reach
higher
levels
by
the
end
of
June.

In
contrast,
According
to
a

recent
NBTC
analysis,
Ethereum’s
failure
to
breach
the
$2,925
resistance
level
could
trigger
another
price
decline.
Initial
support
is
located
near
the
$2,880
level,
followed
by
major
support
at
the
$2,860
zone.