Ether’s Price Chart Formation Suggests Potential Breakout Towards New All-Time Highs
Ether (ETH) Price Poised for Breakout to New All-Time Highs
As Ether’s (ETH) price continues to surge, a key technical chart formation suggests that the cryptocurrency is on the brink of breaking out toward new all-time highs. The recent price rally has seen Ether rise over 27% in the past week, with key resistance areas being flipped into support.
One significant development is Ether’s breakout from a falling wedge chart formation, indicating a potential reversal from its previous downward trend. This breakout has caught the attention of traders, with many speculating that Ether could soon surpass the $4,000 psychological mark.
The falling dominance of Bitcoin (BTC) also suggests a shift in traders’ focus towards Ether, as the ETH/BTC pair has seen a bounce in recent days. With Bitcoin’s dominance falling and Ether’s dominance rising, the stage is set for Ether to potentially rally to new highs.
Positive developments surrounding the first spot Ether exchange-traded funds (ETFs) have also contributed to Ether’s price rally. Reports of the United States SEC’s change in stance on spot Ether ETFs have fueled investor sentiment, with some analysts predicting a rally to the $4,500 mark before the ETFs start trading.
However, Ether’s price faces significant resistance at the $4,000 mark, with a move above this level potentially liquidating over $433 million worth of leveraged short positions. To confirm sustained bullish momentum, Ether needs to close the week above the $3,956 mark, according to popular crypto analyst Rekt Capital.
Overall, the stage is set for Ether to potentially break out to new all-time highs, with traders closely watching key price levels and market dynamics. Stay tuned for more updates on Ether’s price movement and potential breakout.
