Hong Kong already has an ETF for ETH and today the first trading in this derivative instrument started. And it's only a matter of time before we see the approval of ETFs in the US and other countries.
Therefore, this coin will receive liquidity from various funds around the world, and we have already seen a similar example on Bitcoin.

Also, a huge number of applications operate within ETH, including those from the TOP 20 by capitalization.
Many of these applications are heavily dependent on ETH, as transactions are paid in ETH coin, which creates additional demand for the coin.

It is obvious that in terms of fundamentals, the coin is doing well in this bullish cycle and we will see good growth in the coin.

🕯 Technical analysis

1️⃣First, let’s look at the coin’s dominance chart.

For the 4th year in a row, ETH dominance has been moving within a side channel, periodically briefly going beyond its boundaries.

When ETH dominance is at the upper boundary of the channel, the coin needs to be sold.
And if dominance is at the lower limit, then you need to buy.
❗️For clarity, the chart of the ETH coin itself is superimposed on the dominance chart (blue line).

Now the dominance chart is at the point where it is time to buy the coin.

2️⃣ Now let's move on to the main ETH chart

Locally, the coin went into a correction through a sideways trend, which took the form of a Bullish flag.

All non-recoil growth since the beginning of 2024 has already rolled back to the golden ratio of 0.618 Fibo.
The price successfully tested the long-term moving average MA20w from above and the support level of $3000.

The weekly candle from two weeks ago closed with a doji reversal pattern and last week closed in the green zone, forming a bullish Morning Star candle pattern.

⚠️ On the negative side, this is the formation of a bearish pattern of an ascending expanding wedge, which in 75% of cases results in a fall.
But taking into account market conditions and other positive facts, we are betting that the figure will eventually move upward.

🎯Growth goals for 2024-2025: $4766 $6697 $9080
Targets for a speculative trade for the short to medium term: $3905 $4310 $4766
Considering the bearish figure, it is worth placing a stop on the coin at $2830.

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