Ethereum Bulls On The Rise? Crucial Indicator Point To A Major Upturn
May 15 2024 - 8:00PM
NEWSBTC
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. Related Reading: Ethereum
Price Anticipates Upside Break To Shift Sentiment Towards Bullish
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. 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. Related Reading:
Bitcoin, Ethereum, And Solana: Galaxy Digital CEO Predicts Next
Market Movements Should Ethereum break below $2,810, it could
potentially fall towards the $2,740 mark, and further losses might
push the price down to $2,650 in the near term. Featured image from
Unsplash, Chart from TradingView
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