Ethereum (ETH) Set For ‘Glorious Year,’ Analyst Eyes $10K Target
The post Ethereum (ETH) Set For ‘Glorious Year,’ Analyst Eyes $10K Target appeared on BitcoinEthereumNews.com.
Ethereum (ETH) saw a significant upswing at the end of May due to the rumors of a spot ETH ETF (Exchange-Traded Funds) approval in the US. This bullish momentum propelled the token’s price from the $3,000 price range to the $3,900 mark. Related Reading After the approval, the second-largest cryptocurrency has shown a strong performance, consolidating between the $3,700 and $3,800 levels. Some crypto analysts believe ETH is preparing for a crucial test and eye bullish targets above the $10,000 price range soon. ETH’s “Glorious Year” Depends On This Level According to crypto analyst Jelle, a community sector is currently driven by a negative sentiment towards Ethereum. The bearish sentiment, seemingly fueled by Ethereum’s failure to regain the $4,000 resistance level, has made “lots of people overcomplicate things here.” As a result, Jelle urged investors not to panic, arguing there’s no reason to “flip bearish.” The crypto analyst highlighted the key movements the King of Altcoins has seen in the past two weeks. Due to the spot ETH ETF approval, Ethereum broke out of a multi-moth falling wedge pattern. At the time, ETH successfully regained the $3,600 price range and briefly tested the $3,900 price range. ETH breaks out of a multi-month falling wedge pattern. Source: CryptoJelle on X After reclaiming this key support level, ETH has been consolidating above it, hovering between the $3,700 and $3,800 price range since May 28. According to the analyst, the cryptocurrency is “reclaiming the range lows of a 3-year-long reaccumulation range.” Per Jelle’s chart, ETH is regaining the lowest range of the previous bull run, which could lead to an expansion period. If the second-largest cryptocurrency by market capitalization holds above this key level, Ethereum “will have a glorious year.” Additionally, the analyst considers that ETH’s last hurdle to overcome this cycle is…
Filed under: News - @ June 5, 2024 4:20 am