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Home»ETHEREUM NEWS»Are Ethereum Bulls Rising? An important indicator of a major uptrend
ETHEREUM NEWS

Are Ethereum Bulls Rising? An important indicator of a major uptrend

By Crypto FlexsMay 16, 20243 Mins Read
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Are Ethereum Bulls Rising?  An important indicator of a major uptrend
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Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has recently shown signs that a potential rebound is imminent.

Analysts have been closely monitoring various technical indicators and one such analyst, Ali, said: highlighted This is a key signal that a price surge is imminent.

Related Reading

TD Sequential Signals are purchased with Ethereum Eyes Recovery.

According to Ali’s analysis of social media platform

TD Sequential gives a buy signal. #Ethereum Daily chart! that $ETH You can see 1 to 4 candlesticks rebounding. pic.twitter.com/Vg7FTl9X2a

— Ali (@ali_charts) May 15, 2024

This positive outlook is supported by Ethereum’s recent performance, with the asset up 2.3% in the last 24 hours.

ETH price is moving sideways on the 4-hour chart. Source: ETH/USDT on TradingView.com

However, Ethereum still remains below the $3,000 threshold. Despite the optimistic technical signals, external factors such as regulatory issues may impact Ethereum’s trajectory.

In particular, we are concerned about a possible decline in spot Ethereum ETF applications to the U.S. Securities and Exchange Commission (SEC), as analysts such as Bloomberg’s Eric Balchunas suggest that the SEC’s view of ETH as a security could significantly lower the likelihood of ETF approval. . .

TLDR: The SEC asked commentators on the Eth spot ETF whether these filers properly filed proposals to list the ETF as a product. This shows that the SEC considers Eth a security of repudiation. Our chances of approval are still the same. good job… https://t.co/g9HGPzGyOp

— Eric Balchunas (@EricBalchunas) May 14, 2024

Market sentiment and options trading trends

While the regulatory environment is challenging, market sentiment surrounding Ethereum remains optimistic. In particular, there is a clear preference for call options over put options in the options market, indicating that traders are betting on Ethereum’s price increase.

The most popular strike price among these bullish bets is an ambitious $6,500, according to data from leading cryptocurrency options exchange Deribit.

The concentration of call options, especially those above $3,600, suggests that a significant portion of the market expects Ethereum to reach higher levels by the end of June.

In contrast, recent NBTC analysis suggests that Ethereum’s failure to breach the $2,925 resistance level could trigger another price decline. Initial support is located near the $2,880 level, followed by key support at the $2,860 area.

Related Reading

If Ethereum falls below $2,810, it could potentially fall to $2,740, and further losses could push the price down to $2,650 in the near term.

Featured image by Unsplash, chart by TradingView

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