Ethereum’s recent performance has caught the attention of market observers as it teeters on the brink of a rally. After falling to $2,815, ETH made a strong recovery and reached $3,220. However, this momentum did not last long and led to a subsequent decline. Despite this setback, cryptocurrency analysts remain bullish on Ethereum’s prospects and have identified pivotal factors that could shape its future price trajectory.
In addition, significant events are at hand. The Securities and Exchange Commission (SEC) is poised to make important decisions on three Ethereum exchange-traded fund (ETF) applications by May 25th. This development has huge implications for the Ethereum community and the ETH market.
Currently, Ethereum’s price is $2,972.28, with a 24-hour trading volume of $11.96 billion and a market cap of $357.01 billion. In the past 24 hours, the price of ETH has increased by 1.17%.
Analysts predict Ethereum surge
Crypto Analyst Titan Of Crypto shared Insights into Ethereum’s price trajectory indicate an impending rebound in its value. Highlighting the successful execution of the bullish crypto pattern, all planned goals were achieved.
Currently, Ethereum is located at the pivotal 38.2% Fibonacci retrace level, often referred to as the “first stop,” which historically serves as an important marker of bull markets. An optimistic outlook predicts a recovery from this phase.
moreover, emotions echoed Analyst JACKIS denied the prospect of a major ETH crash and emphasized a reassuring stance. Highlighting Ethereum’s current vast High Time Frame (HTF) range, especially its breakout of $4,000 in March, means the market structure is undergoing a major paradigm shift towards the upside. are doing.
Moreover, a closer look at the local weekly market structure (MS) shows that the bullish momentum continues. Such trends are identified by Higher Lows (HL) and Higher Highs (HH), indicating their dynamic nature as market fluctuations. The ongoing correction phase represents a natural pullback within a broader bullish trajectory. On the other hand, the bearish pullback on March 22nd, represented by the yellow highlight, led to further declines.
However, the rational course of action is to stick with current trends for as long as they last. Trading breakouts based on mere desire can never be profitable. All Time High (ATH) is also a major his HTF level and is achievable with patience.
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