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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Ethereum

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Crypto analyst Javon Marks has highlighted several metrics that have turned bullish for Ethereum (ETH). The analyst noted that one of these metrics suggests an all-time high (ATH) for the second-largest crypto token. 

Bullish Metrics For Ethereum

Marks remarked in an X (formerly Twitter) post that the bull flag-like price structure has formed on the Ethereum chart. He added that higher lows are forming in Ethereum’s price action, which is also a bullish signal as it suggests a strong resistance to downward trends. Meanwhile, the analyst claims lower lows in the Relative Strength Index (RSI) indicate a hidden bullish divergence with Ethereum’s price.

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Ethereum 1
Source: X

Marks then raised the possibility of Ethereum hitting a new ATH, stating that the “bull flag breakout might lead into new all-time highs and be of major service in many Altcoin progressions.” Before then, he claimed that Ethereum could soon experience a larger price breakout, making the crypto token experience a 63% upside to $4,811.

Crypto analyst Michaël van de Poppe also recently suggested that Ethereum could make a major move soon enough and lead altcoins to make new highs. According to him, this will be triggered by the news surrounding the Ethereum ETF, as he expects that to be the “rotation for the Altcoins.”

Ethereum 2
Source: X

However, Ethereum also risks experiencing a significant decline, considering reports that the Securities and Exchange Commission (SEC) might reject the Ethereum ETF applications. Crypto analyst James Van Straten stated that a rejection of the Spot ETF “sends the ETHBTC ratio lower 0.047 to 0.03 as a long-term projection.”

This was one of the reasons why the analyst stated that “Ethereum looks like it’s going to the grave.” He also alluded to the fact that ETH has become inflationary with the Decun upgrade reducing transaction fees, which has ultimately reduced ETH’s burn rate. 

Ethereum 3
Source: Ultrasound Money

Things Aren’t Looking Good For ETH

Crypto analyst Derek recently mentioned that “Ethereum dominance and recent performance are heading toward their worst ever.” He noted that attention has turned to Bitcoin due to the reports about a potential rejection of the Ethereum ETF and securities status, which has put pressure on investment sentiment. According to him, this has caused the “imbalance in dominance” to reach its worst point. 

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Derek further noted that Ethereum’s unimpressive price action is affecting other altcoins, as their prices are “depressed.” He also claimed that the prices of layer two coins “continued to be under pressure.” The analyst suggested that things could get worse, as the ETH/BTC chart shows a downward wedge pattern in progress. He claims that altcoins can only “breathe” if Ethereum can escape this pattern quickly.

At the time of writing, Ethereum is trading at around $2906, down in the last 24 hours according to data from CoinMarketCap. 

Ethereum price chart from Tradingview.com
ETH price fails to reach $3,000 | Source: ETHUSD on Tradingview.com
Featured image from Metaverse Post, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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