Author: Ciaran Lyons, CoinTelegraph; Compiler: Deng Tong, Golden Finance
A cryptocurrency trader said that if three long-term indicators continue to perform well, Ethereum could soar and retest the $5,000 price mark that it broke in 2021.
Anonymous cryptocurrency trader Blockchain Mane pointed out: "The dominant chart shows that we are entering the 'Ethereum season' and Ethereum may outperform other cryptocurrencies."
Previously, the U.S. Securities and Exchange Commission (SEC) preliminarily approved eight spot Ethereum exchange-traded funds (ETFs) on May 23.
TradingView data shows that ETH's dominance, or its share of the cryptocurrency market, has jumped 19.56% in the past seven days following reports that the SEC is changing its hardline stance on ETF approval.
Ethereum's dominance has risen 18.45% in the past seven days. Source: TradingView
Blockchain Mane noted that another key long-term indicator, the Fibonacci retracement, is showing “strong support.” The indicator predicts price levels that Ethereum could bounce to based on mathematical patterns calculated based on the Fibonacci sequence.
Blockchain Mane said ETH shows “resistance targets at $5080.60 and $6231.83.” The price has not come close to that high since hitting an all-time high of $4,878 in November 2021, according to CoinMarketCap.
As of the time of publishing, Ethereum is trading at $3,802.
Parabolic and Fibonacci retracement indicators. Source: Blockchain Mane
The third indicator pointed out by Blockchain Mane is the parabola, which finds potential trend changes by crossing above or below Ethereum's price changes.
Mane said that ETH follows a "bullish trend" along the curve with three distinct stages: base one, base two and base three.
“The parabola suggests continued upward movement, especially after a falling wedge breakout,” they said.
Other crypto traders have been keeping an eye on the short-term price action of spot Ethereum ETFs.
Crypto commentator Benjamin Cowen said in a May 23 post: “ETH is up more this week than the S&P 500 has been in a year.”
Crypto trader Matthew Hyland believes it’s now critical for Ethereum to “hold support” around $3,800 “to stay afloat.”
Source: Matthew Hyland
Ethereum’s price barely budged after the ETF was approved, likely because it’s already been priced in and ETF trading hasn’t started yet.
The Singapore Token 2049 Conference will be held as scheduled on September 18-19, 2024. This conference will bring together many industry leaders. Golden Finance has compiled a conference guide to help you attend the conference with peace of mind.
JinseFinanceOn April 18-19, 2024, the TOKEN 2049 Dubai conference co-organized by Bingx, M2, DWF LABS, ZEEBU, DOP, KUCOIN, CoinW, TRON, and telos will be held at the Madinat Jumeirah Resort in Dubai.
JinseFinanceTOKEN2049 Dubai will take place in the Madinat Jumeirah from April 18th-19th 2024, bringing together an estimated 7,500+ attendees from across the globe
BrianDubai edition announced as TOKEN2049 Singapore fully sells out amid record-breaking attendee numbers.
OliveWhile some exchanges are keen on embracing crypto and crypto products, others have indicated a more ambivalent outlook
ClementProminent crypto exchange platform Huobi has listed a new altcoin project backed by the debt of FTX users.
dailyhodlCurrently, it has a massive number of 2.67M total users, giving an average of 95.56K opinions collected every day on the general cryptocurrency market.
NulltxTOKEN2049 brings together the leading voices in crypto and creates unparalleled networking opportunities.
Coinlive The ShibaDoge team is excited to announce the release of the SHIBDOGE token. According to the team, the token was ...
BitcoinistWe will explore how you could potentially make a profit through cryptocurrency. Specifically, with FIREPIN Token (FRPN), Elrond (EGLD), and ...
Bitcoinist