Crypto analyst Javon Marks highlighted several indicators that turned out to be bullish Ethereum (ETH). The analyst noted that one of these metrics suggests an all-time high (ATH) for the second-largest crypto token.
Bullish indicators for Ethereum
Marx Noticed X (formerly Twitter) post that a price structure resembling a bull flag has formed on the Ethereum chart. He added that higher lows are forming in Ethereum’s price action, which is also the case bullish signal it suggests mighty resistance to downward trends. Meanwhile, the analyst says lower lows have been reached in the last year Relative Strength Index (RSI) indicate a hidden bullish divergence with the Ethereum price.
Marx then raised the possibility Ethereum Hits Recent ATH, stating that “a break of the bull flag could lead to new all-time highs and play a key role in many altcoin progressions.” He previously claimed that Ethereum could soon experience a larger price breakout, which would see the crypto token see a 63% surge to $4,811.
Cryptocurrency analyst Michaël van de Poppe Also recently suggested that Ethereum could soon make a significant move and lead altcoins to novel highs. According to him, this will be triggered by Ethereum ETF news as he expects it to be a “rotation for Altcoins.”
However, given the risk that Ethereum will also experience a significant decline reports that the Securities and Exchange Commission (SEC) may reject Ethereum ETF applications. Crypto analyst James Van Straten he stated that the rejection of the Spot ETF “in the long-term forecast causes the ETHBTC ratio to drop from 0.047 to 0.03.”
This was one of the reasons why the analyst said that “Ethereum looks like it’s going to its grave.” He also alluded to the fact that ETH became inflationary with the Decun update reducing transaction fees, which ultimately lowered the ETH burn rate.
Things are not looking good for ETH
Crypto analyst Derek recently mentioned that “Ethereum domination and recent results are trending towards the worst in history.” He noted that attention has focused on Bitcoin due to reports of a potential rejection of Bitcoin Ethereum ETFs AND stock of securities, which put pressure on investment sentiment. In his view, this has pushed the “dominance imbalance” to its worst point.
Derek further noted that Ethereum’s not very impressive price action influences others altcoins, because their prices are “reduced”. He also claimed that second-tier coin prices “continue to remain under pressure.” The analyst suggested that things could get worse as the ETH/BTC chart shows an ongoing falling wedge pattern. He argues that altcoins can only “breathe” if Ethereum can quickly escape this pattern.
At the time of writing, Ethereum is trading at around $2,906, down over the last 24 hours according to data from CoinMarketCap.
Featured image from Metaverse Post, chart from Tradingview.com
