In a thrilling move for cryptocurrency enthusiasts, the in-demand digital asset, Ethereum (ETH), has seemingly positioned itself to become potentially bullish as it begins to display numerous metrics signalling its ascent. This groundbreaking analysis comes courtesy of world-renowned crypto-analyst, Javon Marks. He points to the latter as a promising indicator of the potential for Ethereum to reach its all-time peak values.
According to Marks, who recently shared his insights via a social media post, it appears that a bullish flag-like formation is becoming increasingly apparent on the Ethereum landscape. Within its energetic price action, higher lows are also shaping up, a bullish sign indicative of a robust resistance to drops. Concurrently, Marks argues that lower lows within the Relative Strength Index, or RSI, point to a hidden bullish divergence from Ethereum’s price trajectory.
Taking the bullish argument a step further, Marks conjures the exciting probability of Ethereum scaling to a record high. He suggests that this escalating bull flag may be on the verge of an impressive breakout, potentially propelling the valuable crypto keeper into unchartered territory with unprecedented all-time highs. This action could also bolster the progress of many alternate coins in the digital realm. He further posits that even before this momentous event, Ethereum might be on the threshold of an even larger price eruption, a potential 63% upside, catapulting the crypto titan to a monumental $4,811.
Echoing Marks’ perspective, another crypto analyst, Michaël van de Poppe, recently insinuated that Ethereum is gearing up for an exceptional manoeuver. This would not only catapult Ethereum but lead other altcoins to unprecedented highs. He believes that the buzz surrounding the Ethereum ETF will catalyze this development creating a favorable environment for the alternate coins.
Nevertheless, this optimism surrounding Ethereum’s growing potential comes with significant risk. Emerging reports suggest that the Securities and Exchange Commission (SEC) might reject the Ethereum ETF applications, could foreshadow a significant drop in Ethereum’s performance. Crypto analyst James Van Straten supports this notion, stating that if the Spot ETF gets rejected, it could devalue the ETHBTC ratio to as low as 0.03 in a long-term projection.
In another interesting twist, crypto analyst Derek brought up a potential downside claiming Ethereum’s dominance and its recent performance paint a less than stellar picture. He cites the negative attention Ethereum has attracted due to potential rejection of its ETF and securities status as one of the reasons behind this decline. Furthermore, he mentions that the influence of Ethereum’s lackluster price action impacts an array of altcoins, suppressing their prices along with Layer Two coins.
However, despite the current downward trend, Ethereum, as of the moment, is trading at about $2,906. As the cryptosphere is an unpredictable territory, only time will tell if Ethereum can escape this downturn quickly, opening up a new world for itself and other altcoins to flourish.
