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

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.

Related
Reading

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.

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


Altcoins. However,
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.

Related
Reading

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.

Featured
image
from
iStock,
chart
from
Tradingview.com