Ether has yet to see an upward move today following the historic approval of ETH Spot Exchange-Traded Funds (ETFs). However, given the impact of exchange-traded funds seen in Bitcoin, several cryptocurrency analysts and market observers are predicting a major surge in the price of ETH in the coming months.
Joining the fray is popular cryptocurrency expert and trader Javon Marks who has done just that awarded a noteworthy breakout in Ethereum’s price action, with speculation that this development could trigger a significant escalate in the value of this crypto asset.
Ethereum Breakout Signals Novel All-Time Highs
Marks’ predictions highlight the possibility that ETH could reach unprecedented price levels following the emergence of several distinct bullish indicators. He noted that shortly after showing multiple clear bullish indicators, ETH prices confirmed a major breakout. Therefore, there may be a significant move in the uptrend.
Earlier this month, Marks highlighted four bullish indicators in the Ethereum price. These include a bull flag-like price structure, higher lows in price action, lower lows in the Relative Strength Index (RSI), and a larger upside break to the $4,811 price level.
Sharing his observations on the bull flag-like pattern, Javon Marks claims that a breakout could result in fresh all-time highs for ETH, benefiting many Altcoins. However, a few days later, an analyst reported that Ethereum was approaching bull flag pattern breakout levels. If a successful breakout occurs, it will only usher in the next stage of significant growth.
Especially in the event of a price breakout ETH could rise by approximately +50% from its then-current level to $4,811. Moreover, this could potentially push prices to $5,000 and set fresh highs.
Meanwhile, less than 2 hours later, the expert confirms that the stock has broken out of the light-speed pattern and is rising. So, after this breakout, ETH prices could escalate another 23.4% from current levels to the above-mentioned price targets, suggesting that further growth may be on the horizon.
ETH sees a bearish move
Currently, the digital asset is witnessing a bearish move after it once again failed to breach the $4,000 level. Even though the entire cryptocurrency market is experiencing bearish momentum, it is still expected to see a good recovery soon.
Despite consent Spot ETH ETFs, the coin has seen a decline of over 5% in the last 24 hours. However, ETH has amassed gains of more than 20% in the past week, showing resilience in attracting more investors.
Its market capitalization fell more than 5% in the past day to $445.95 billion. Meanwhile, its trading volume is valued at $45.29 billion, up over 65% in the last day.
Featured image from iStock, chart from Tradingview.com
