Ethereum Undergoes Major Breakout, Path To New All-Time High?

Ethereum

Ethereum has yet to witness a move on the upside today, following the historic approval of the ETH Spot Exchange-Traded Funds (ETFs). However, given the impact of the exchange funds, as seen with Bitcoin, several crypto analysts and market watchers anticipate a major rally for ETH in the upcoming months.

Joining the fray is popular cryptocurrency expert and trader Javon Marks, who has spotlighted a noteworthy breakout in the price action of Ethereum, speculating that the development may trigger a notable rally for the crypto asset.

Ethereum Breakout Signal New All-Time Highs

Marks’s prediction emphasizes the possibility that ETH could reach unprecedented price levels after the emergence of several distinct Bullish Metrics. He noted that shortly after exhibiting multiple distinct bullish metrics, ETH’s prices confirmed a major breakout. Due to this, a significant move in the upward trajectory could be underway.

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Earlier this month, Marks pointed out about four bullish metrics in the price of Ethereum. These include a Bull Flag-like price structure, Higher Lows in price action, Lower Lows in the Relative Strength Index (RSI), and Larger Upside price breakout to the $4,811 price mark.

Ethereum
ETH could surge to $4,811 and beyond | Javon Marks on X

Sharing insights on the Bull Flag-like pattern, Javon Marks claims a breakout could result in new all-time highs for ETH, and for the benefit of many AltcoinsHowever, a few days later, the analyst reported that Ethereum was getting close to the Bull Flag pattern’s breakout levels. Should a successful breakout take place, it will only kickstart the next stage of substantial growth. 

Specifically, in the event of a breakout, the price of ETH might rise by about +50% from the level then, to $4,811. Furthermore, it might potentially result in prices topping at $5,000 and setting new peaks. 

Meanwhile, less than 2 hours later the expert confirms the asset has broken out of the pattern at lightspeed and is surging in the upward direction. Thus following this breakout, ETH’s prices may be poised for another 23.4% from the current level to the aforementioned price targets, while suggesting that further growth could be on the horizon.

ETH Sees Bearish Movement

Currently, the digital asset is seeing a bearish movement after failing to break above the $4,000 mark once again. Even though the entire crypto market is experiencing a bearish momentum, a good recovery is still expected to happen soon.

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Despite the approval of ETH spot ETFs, the coin has recorded a decline of over 5% in the last 24 hours. However, in the past week, ETH has amassed gains of more than 20%, showing resilience to attract more.

Its market capitalization has decreased by over 5% in the past day to $445.95 billion. Meanwhile, its trading volume is valued at $45.29 billion, indicating a more than 65% increase in the past day.

Ethereum
ETH trading at $3,705 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

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