- Ethereum is nearing re-accumulation, with a promising outlook for the second half of 2024.
- ETH/BTC trading pair shows a potential bullish breakout, with significant support and resistance levels identified.
- Implied volatility for ETH spiked ahead of the ETF launch, indicating market anticipation.
Ethereum has seen renewed optimism as crypto analyst CryptoJelleNL shared an X post predicting a promising future for ETH prices. He noted that ETH is nearing the final stage of re-accumulation, with spot ETFs going live today. According to his analysis, ETH is expected to perform well in the second half of 2024.
The ETH/BTC trading pair shows signs of a potential bullish breakout. Key phases and potential price movements have been highlighted. The market initially identified preliminary support (PSY) and saw an automatic rally (AR). This was followed by secondary tests (ST) that confirmed support levels, establishing a trading range.
Recently, ETH experienced a spring phase, shaking out weaker hands and suggesting strong support around 0.05254 BTC. Following successful reaccumulation, the projection indicates a potential rise to 0.13000 BTC by mid-2025.
Crypto analyst Michaël van de Poppe highlighted critical Ethereum (ETH) levels relative to Bitcoin (BTC). In his recent analysis on X post, van de Poppe pinpointed a vital support zone for ETH at approximately 0.04902 BTC. He emphasized this level’s significance, noting that a breach below could trigger further declines. Subsequent support levels are 0.04500 BTC and 0.04175 BTC.
On the upside, van de Poppe identified a crucial resistance level at around 0.06047 BTC. He suggested surpassing this threshold could signify a trend reversal, ushering in a more bullish phase for ETH against BTC.
Solana and Ethereum Set for Major Price Breakthroughs: What’s Next?The analyst’s insights come amidst growing excitement about the Ethereum ETF launch, which he believes remains undervalued by the market. As ETH bounces from critical levels, the Ethereum ecosystem shows signs of revitalization, adding to the bullish sentiment.
According to Kaiko data, the implied volatility of Ethereum (ETH) on near-term contracts experienced a significant spike, rising to 67% from 59% between Saturday and Sunday. This sharp increase in volatility comes ahead of the ETF launch.
The data shows various maturity dates for ETH contracts. The implied volatility for these dates demonstrates a notable rise starting from July 16th, peaking around July 18th, and maintaining elevated levels through to July 21st. The spike reflects market anticipation and potential uncertainty related to the ETF launch.
Ethereum (ETH) has seen a modest increase in its trading value over the past day, with the price at $3,517, marking a 0.46% rise. The cryptocurrency’s market cap also experienced a slight uptick by 0.45%, reaching approximately $422.95 billion, securing its position as the second-largest digital asset by market capitalization.
In terms of trading volume, Ethereum has witnessed a significant surge of 42.13% in the last 24 hours, totaling around $22.75 billion. This increase in volume highlights a heightened activity level among traders and investors within the market.
