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ETH Price Did Not Benefit from the Ether ETF News: Here's WhyETH Price Did Not Benefit from the Ether ETF News: Here's Why Despite the U.S. approval of several ether exchange-traded funds, Bitcoin (BTC) and Ether (ETH) experienced a downturn in their prices over the last 24 hours. The Ethereum crypto dropped by 4% post-approval, epitomizing the classic "sell the news" market reaction. The broader crypto markets including the market leaders Bitcoin (BTC) and Ethereum (ETH) experienced a decline in value amid the positive news approval of Ether ETFs to be listed on the U.S. exchanges. Following the approval, Ether price saw a decline of 4%, reversing a previous 20% increase over a week driven by the anticipated approval and favorable forecasts for the ETFs' listing. Despite the positive news about the approval of spot Ether exchange-traded funds (ETFs) in the United States, the BTC and ETH witnessed a sharp fall. Let's try to look into the activities that led to the selloff and how it was possible to anticipate the fall. A large Chunk Of ETH Transferred to Exchanges Significant transfers of ETH to cryptocurrency exchanges had captured the market's focus in the past. This move sparked discussions about possible profit-taking, adjustments in investment portfolios, or market speculation. Over the last couple of weeks, exchanges saw an influx of over 242,000 CRYPTOCAP:ETH into their wallets, signaling a surge in trading activities that could lead to heightened market fluctuation. Looking at #Ethereum’s balance on exchanges reveals a spike in the tokens available to sell. Over the last two weeks, over 242,000 CRYPTOCAP:ETH have moved to #cryptocurrency exchange wallets. This indicates increased trading activity on exchanges that can contribute to price… pic.twitter.com/vOxV3pkmJq— Ali (@ali_charts) May 24, 2024 Moreover, as per a tweet by Ali Martinez, a technical and on-chain analyst, Jeffrey Wilke, a co-founder of Ethereum, had moved 10,000 CRYPTOCAP:ETH , valued at approximately $37.38 million, to the Kraken exchange. All these flows of Ethereum from different wallets to the cryptocurrency exchange wallets indicated the intention of the large players aiming to book profits amid the ETF news. The large investors seemed to have taken advantage of the news to rebalance their portfolio thus turning the ETF approval a sell the news event. What’s Next For Ethereum? Now that the news has shaken the Ethereum price, it's time to analyze the price chart about what lies ahead for the ETH ahead. as per the daily chart the recent support lies near $3600 above which the bulls may look to defend in the short term. Moreover, on the higher side, the $3850 may act as a supply zone and act as a hurdle for the bulls on the higher side. The price action seems to be sideways and range bounded until the crypto is maintained in these levels.
COINBASE:ETHUSDLong
by Ritika_TCR
1
#ETH/BTC Analysis: Major Support Trendline and Falling Wedge Bre#ETH/BTC Analysis: Major Support Trendline and Falling Wedge Breakout The 3ETH/BTC trading pair has been in a downtrend for the past 28 months, consistently forming lower highs and lower lows. However, recent price action indicates a potential reversal pattern that could signal the end of this prolonged bearish phase. Ethereum is currently taking support from a significant trendline and has formed a falling wedge, a bullish reversal pattern. Traders and investors are now eagerly awaiting a breakout, which could pave the way for Ethereum to reach new all-time highs, potentially hitting the $15,000 mark against Bitcoin. **Major Support Trendline:** Over the past 28 months, ETH/BTC has been respecting a major support trendline. This trendline has acted as a critical support level, preventing further declines on multiple occasions. Recently, Ethereum has once again found support at this trendline, indicating a strong base and potential for a reversal. **Falling Wedge Pattern:** A falling wedge is typically considered a bullish reversal pattern that forms after a downtrend. It is characterized by converging trendlines that slope downwards, with the upper trendline having a steeper slope than the lower one. In the case of ETH/BTC, the falling wedge pattern has been forming over several months, signaling that the downtrend might be losing momentum. **Breakout Confirmation:** For the falling wedge pattern to be validated, ETH/BTC needs to break above the upper trendline of the wedge. A confirmed breakout would typically be accompanied by increased trading volume, indicating strong buying interest. Once this breakout is confirmed, it would suggest that the bearish trend has ended, and a new bullish phase is beginning. **Price Target:** The breakout from the falling wedge pattern could lead to significant upward momentum for ETH/BTC. Based on technical analysis and historical price movements, Ethereum could reach new all-time highs, potentially climbing to the $15,000 level against Bitcoin. This price target is derived from measuring the height of the wedge at its widest point and projecting it upwards from the breakout level. **Conclusion:** The #ETH/BTC pair has been in a downtrend for the past 28 months, but recent price action indicates that a reversal might be on the horizon. Ethereum is taking support from a major trendline and has formed a falling wedge pattern, both of which are bullish signals. Traders and investors should keep a close eye on the price action for a confirmed breakout above the upper trendline of the wedge. If this breakout occurs, it could propel ETH/BTC to new all-time highs, potentially reaching the $15,000 mark. This presents a compelling opportunity for those looking to capitalize on Ethereum's next major bullish run.
Long
by crypto_vulture_signals
2
#Ethereum Breakout: Will ETH ETF Decision Propel Prices to $6000#Ethereum Eyes Breakout: Will ETH ETF Decision Propel Prices to $6000? CRYPTOCAP:ETH is showing bullish signs with a falling wedge/bull flag pattern and a strong bounce off support. ETH ETF decision on Thursday. Deadlines for 4 ETF issuers are at the end of this month, starting May 23rd. Potential Targets: - Approval: #ETH could soar to $5000-$6000. - Rejection: ETHUSDT might drop to $2500-$2000. Conversely, a rejection, especially if based on the classification of tokens as securities, could lead to a downturn in ETH and #DeFi assets. Strategy: Consider a spot long position, but avoid excessive leverage due to potential volatility. Stay informed and trade smart.
Long
by CryptoPatel
ETH will significantly outperform BTC through 2025ETH/BTC is at a crucial inflection point and may be about to reverse, giving ETH an opportunity to outperform BTC significantly from now through end 2025. Points to support this argument from the weekly ETH/BTC Chart: 1. Support line since Jan 2020 is being tested (pink). If this holds, a bounce and reversal is possible 2. The impulse wave that started in Jan 2020 topped in December 2021 (orange 1 on chart) and has been in a correction Wave 2 since then. This Wave 2 has been a clean ABC correction (end points labeled in blue). 3. The Wave 2 pullback is currently between the 0.618 and 0.786 Fib level and this may be a confluence with the Support Line since Jan 2020 (see point 1), offering a confirmation of a reversal 4. It is way below the 200 DMA (yellow line) and the 200 WMA (orange line) and reversion to mean may be next Taken together, these build a solid case for a reversal of the ETH/BTC trend. If this reversal occurs, completing Wave 3 means ETH will significantly outperform BTC through end of 2025. Only if this pink support line since Jan 2020 is converted to support first. Interesting times.
Long
by sohumm
ETH bouncedETH against BTC looks like it rebounded very nice of the diagonal support line and is heading for new highs after bleeding the last week. It is forming higher highs and higher lows in the form of a rising wedge. If Bitcoin decides to cooperate I can see ETH going to the 0.082 level. The red lines are the next levels I'm looking out for to act as resistance. If we break down then I'm looking at the green support levels. All in all, I'm bullish for ETH against BTC and ETH/USDT. Now hoping that BTC will just cooperate.
Long
by Awinish