Ethereum (ETH) stands out as it has reached the current levels of graphical representation, signaling the possible occurrence of a bullish motion. As highlighted by analyst CryptoCapo, with a rebound from the support zone, ETH is eyeing a flip of the $3,300 level. This move could solidify its path towards higher prices, possibly even reaching a new all-time high (ATH). Concurrently, the ETH/BTC pair is also showing promising signs, suggesting that Ethereum and other altcoins might outshine Bitcoin (BTC) in the coming days.
With the current price hovering at $3,134.31 as per Coinmarketcap data, technical analysis reveals a compelling narrative for Ethereum. The chart showcases a dominant upward trend since mid-2022, characterized by a series of higher highs and higher lows, indicative of bullish sentiment. Notably, the trendline support, extending from mid-2022 to the present, underscores the persistent buying interest at progressively higher levels.
In the current scenario, ETH experienced a pullback after touching a peak near $4,000. However, all eyes are on the critical $3,300 level, deemed as the next bullish confirmation point. A successful retest of this level could serve as a catalyst for further bullish momentum.
Resistance levels to watch include $4,897.61 and $3,300, with the former marking a substantial hurdle to overcome for strong bullish momentum. On the flip side, immediate support rests at $3,147.57, which is vital for sustaining the upward trajectory. Below this lies the zone between $2,204.13 and $2,500, delineating areas of potential ‘Bullish invalidation.’
The ETH/BTC pair presents its own set of key levels and trends. A major support level is observed around 0.042 BTC, while a notable resistance level lies near 0.058 BTC. The current price action suggests a recovery from recent lows, with ETH testing the mid-range resistance line. A breakthrough here could propel ETH towards higher levels, while failure may lead to a retest of lower support levels.
Looking ahead, all eyes are on the upcoming decision regarding the approval of Ethereum ETFs, expected by May 23, 2024. This event could serve as a significant narrative for Ethereum’s price movement, potentially influencing market sentiment and direction.
