Ethereum (ETH) Ready to Explode: Analysts Predict It Could Rise to $5,000.
*Ethereum could make a potential comeback towards the $5,000 level thanks to key long-term indicators.
*Finally, the SEC's approval of eight spot Ethereum ETFs has significantly increased investor interest.
*Blockchain Mane emphasizes the importance of Fibonacci Retracement and Parabolic Curve in predicting Ethereum's price movements.
Discover the latest insights on Ethereum's potential comeback, fueled by key technical indicators and recent regulatory developments. The U.S. Securities and Exchange Commission (SEC) approved eight spot #Ethereum exchange-traded funds (ETFs) on May 23. This regulatory milestone resulted in a 19.56% increase in Ethereum's dominance, according to TradingView data. The approval triggered growing investor interest, signaling a potential bull run for Ethereum.
Blockchain Mane highlights the importance of the Fibonacci Retracement pattern, a critical support indicator that determines Ethereum's recovery potential. #Fibonacci levels show resistance targets at $5,080.60 and $6,231.83. Currently, Ethereum is trading at $3,802, which is significantly off its November 2021 peak of $4,878.