Ethereum
(ETH)
saw
a
significant
upswing
at
the
end
of
May
due
to
the
rumors
of
a
spot
ETH
ETF
(Exchange-Traded
Funds)
approval
in
the
US.
This
bullish
momentum
propelled
the
token’s
price
from
the
$3,000
price
range
to
the
$3,900
mark.

Related
Reading

After
the
approval,
the
second-largest
cryptocurrency
has
shown
a
strong
performance,
consolidating
between
the
$3,700
and
$3,800
levels.
Some
crypto
analysts
believe
ETH
is
preparing
for
a
crucial
test
and
eye
bullish
targets
above
the
$10,000
price
range
soon.

 

ETH’s
“Glorious
Year”
Depends
On
This
Level

According
to
crypto
analyst
Jelle,
a
community
sector
is
currently
driven
by
a
negative
sentiment
towards
Ethereum.
The
bearish
sentiment,
seemingly
fueled
by
Ethereum’s
failure
to
regain
the
$4,000
resistance
level,
has
made
“lots
of
people
overcomplicate
things
here.”

As
a
result,
Jelle
urged
investors
not
to
panic,
arguing
there’s
no
reason
to
“flip
bearish.”
The
crypto
analyst
highlighted
the
key
movements
the
King
of
Altcoins
has
seen
in
the
past
two
weeks.

Due
to
the
spot
ETH
ETF
approval,
Ethereum

broke
out
of
a
multi-moth
falling
wedge
pattern.
At
the
time,
ETH
successfully
regained
the
$3,600
price
range
and
briefly
tested
the
$3,900
price
range.

After
reclaiming
this
key
support
level,
ETH
has
been
consolidating
above
it,
hovering
between
the
$3,700
and
$3,800
price
range
since
May
28.
According
to
the
analyst,
the
cryptocurrency
is
“reclaiming
the
range
lows
of
a
3-year-long
reaccumulation
range.”

 

Per
Jelle’s

chart,
ETH
is
regaining
the
lowest
range
of
the
previous
bull
run,
which
could
lead
to
an
expansion
period.
If
the
second-largest
cryptocurrency
by
market
capitalization
holds
above
this
key
level,
Ethereum
“will
have
a
glorious
year.”

Additionally,
the
analyst
considers
that
ETH’s
last
hurdle
to
overcome
this
cycle
is
the
$4,000
resistance
level.
Once
“it
breaks
$4,000,
it’s
clear
skies
ahead”
to
potentially
reach
the
price
target
of
$10,000.

Similarly,
known
crypto
analyst
Il
Capo
of
Crypto

noted
that
his
main
scenario
is
a
bullish
continuation.
Per
Il
Capo,
Ethereum
is
“looking
good”
above
the
$3,650
range.
This
performance
seemingly
sets
the
cryptocurrency
for
a
“bullish
continuation”
towards
the
previous
cycle’s
all-time
high
(ATH).

Ethereum
ETFs,
The
Catalyst
For
New
ATH?

Despite
the
doubts,
Ethereum’s
recent
performance
resembles
Bitcoin’s
(BTC)
in
previous
cycles.
According
to
crypto
trader
Ash,
ETH
is

following
the
path
of
the
flagship
cryptocurrency
in
2018-2021.
If
it
continues
this
track,
“$10,000+
ETH
is
programmed.”

As
the
crypto
market
awaits
the
listing
of
the
spot
ETF,
some
analysts
consider
it
the
catalyst
for
an
“explosive”
alt
season
this
year.

 

Similarly,
Ali
Martinez

noted
that
over
777,000
ETH,
worth
around
$3
billion,
have
been
withdrawn
from
exchanges
since
the
US
Securities
and
Exchange
Commission
(SEC)
approved
the
investment
products.
Due
to
a
supply
squeeze,
this
development
could
propel
ETH’s
price
to
higher
levels.

However,
Lookonchain
recently

revealed
that
two
participants
of
Ethereum’s
Initial
Coin
Offering
(ICO)
deposited
around
4.5%
of
their
holdings
on
a
crypto
exchange.
Per
the
post,
the
ICO
participants
received
200,000
ETH,
worth
around
$767
million,
at
Ethereum’s
Genesis.

Related
Reading

The
holders
deposited
9,518
ETH,
or
$36.33
million,
into
Kraken
on
Monday,
which
has
alarmed
investors.
Despite
the
fear
of
a
possible
dump,
some
community
members
think
this
movement
could
suggest
that
these

long-term
holders
believe
ETH’s
price
will
reach
unprecedented
highs
soon.

Featured
Image
from
Unsplash.com,
Chart
from
TradingView.com

Go to Source
Author: Rubmar Garcia

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