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Ethereum Undergoes Major Breakout, Path To New All-Time High?
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Undergoes Major Breakout, Path To New All-Time High?

Godspower Owie
Godspower Owie
1 year ago
3 mins read
Ethereum

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Ethereum has yet to witness a move on the upside today, following the historic approval of the ETH Spot Exchange-Traded Funds (ETFs). However, given the impact of the exchange funds, as seen with Bitcoin, several crypto analysts and market watchers anticipate a major rally for ETH in the upcoming months.

Joining the fray is popular cryptocurrency expert and trader Javon Marks, who has spotlighted a noteworthy breakout in the price action of Ethereum, speculating that the development may trigger a notable rally for the crypto asset.

Ethereum Breakout Signal New All-Time Highs

Marks’s prediction emphasizes the possibility that ETH could reach unprecedented price levels after the emergence of several distinct Bullish Metrics. He noted that shortly after exhibiting multiple distinct bullish metrics, ETH’s prices confirmed a major breakout. Due to this, a significant move in the upward trajectory could be underway.

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Ethereum

Ethereum Rally Looms: Analyst Predicts ETH’s Next Stop Is $5,300

1 year ago

Earlier this month, Marks pointed out about four bullish metrics in the price of Ethereum. These include a Bull Flag-like price structure, Higher Lows in price action, Lower Lows in the Relative Strength Index (RSI), and Larger Upside price breakout to the $4,811 price mark.

Ethereum
ETH could surge to $4,811 and beyond | Javon Marks on X

Sharing insights on the Bull Flag-like pattern, Javon Marks claims a breakout could result in new all-time highs for ETH, and for the benefit of many Altcoins. However, a few days later, the analyst reported that Ethereum was getting close to the Bull Flag pattern’s breakout levels. Should a successful breakout take place, it will only kickstart the next stage of substantial growth. 

Specifically, in the event of a breakout, the price of ETH might rise by about +50% from the level then, to $4,811. Furthermore, it might potentially result in prices topping at $5,000 and setting new peaks. 

Meanwhile, less than 2 hours later the expert confirms the asset has broken out of the pattern at lightspeed and is surging in the upward direction. Thus following this breakout, ETH’s prices may be poised for another 23.4% from the current level to the aforementioned price targets, while suggesting that further growth could be on the horizon.

ETH Sees Bearish Movement

Currently, the digital asset is seeing a bearish movement after failing to break above the $4,000 mark once again. Even though the entire crypto market is experiencing a bearish momentum, a good recovery is still expected to happen soon.

Related Reading

Ethereum ETF bloodbath

When Spot Ethereum ETFs Go Live ‘Expect A Bloodbath’, Says Expert

1 year ago

Despite the approval of ETH spot ETFs, the coin has recorded a decline of over 5% in the last 24 hours. However, in the past week, ETH has amassed gains of more than 20%, showing resilience to attract more.

Its market capitalization has decreased by over 5% in the past day to $445.95 billion. Meanwhile, its trading volume is valued at $45.29 billion, indicating a more than 65% increase in the past day.

Ethereum
ETH trading at $3,705 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

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Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Reason to trust

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