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Home»ETHEREUM NEWS»Could $4,000 be the next move?
ETHEREUM NEWS

Could $4,000 be the next move?

By Crypto FlexsMay 20, 20243 Mins Read
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Could ,000 be the next move?
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Ethereum, the second largest cryptocurrency by market capitalization, is currently at a critical juncture with a potential breakout expected.

Jelle, a prominent cryptocurrency analyst, recently pointed out that Ethereum is nearing the end of a descending wedge pattern, a situation often interpreted as a bullish signal in technical analysis.

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Technical Indicators and Market Sentiment

Jelle observed a falling wedge pattern on the Ethereum chart, as ETH recently recovered its 100-day exponential moving average (EMA), a development that further strengthens the bullish case.

According to Jelle, if Ethereum can maintain this momentum and break above the upper bound of the wedge, it could target the $4,000 level, an important “psychological and technical” threshold.

$ETH You’re on the verge of breaking free from this falling wedge!

After reclaiming the 100-day EMA, all it needs is a little momentum to break out of the multi-month streak pattern.

Goal: >$4000.

🙌📈 pic.twitter.com/IW5eIQWXzG

— Jelle (@CryptoJelleNL) May 20, 2024

Expectations for this breakout are heightened by current market dynamics, with Ethereum trading just above $3,000 at the time of this writing, especially at a price of $3,088.

The asset has experienced a small increase of 0.2% in the last 24 hours and a total of 4.1% over the past week. However, looking at the price chart, Ethereum appears to be consolidating just above the $3,000 level, suggesting a building base for significant moves in the future.

ETH price is consolidating on the 30-minute chart. Source: ETH/USDT on TradingView.com

This period of consolidation, often referred to as accumulation, can largely be attributed to market participants awaiting the U.S. Securities and Exchange Commission’s (SEC) upcoming decision on approval of the much-anticipated spot Ethereum ETF.

With this important announcement expected later this week, buyers and sellers appear to be in a holding pattern, cautiously awaiting news to determine their next strategic moves.

Ethereum regulatory decisions and market speculation

So far, Eric Balchunas, senior ETF analyst at Bloomberg, has expressed caution about a spot Ethereum ETF, estimating that the spot ETF has only a 25% chance of being approved.

On the other hand, Nate Geraci, president of ETF Store, revealed that the ETF approval process involves several important steps, including approval of a 19b-4 filing (exchange rule changes) and S-1 registration statement (initial registration). New Securities Form).

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There is optimism that the 19b-4 application will be approved, but certainty for the S-1 is low. The SEC’s slow participation in these filings could result in a lengthy review period, which could delay the introduction of an Ethereum spot ETF.

SEC decision deadline on spot ETFs this week…

The SEC must approve both 19b-4s (exchange rule changes) and S-1s (registration statements) for the launch of an ETF.

Technically, it is possible for the SEC to approve a 19b-4 and then approve a slow-play S-1 (especially if lack of participation is reported here).

— Nate Geraci (@NateGeraci) May 19, 2024

Featured image by Unsplash, chart by TradingView

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