Ethereum surges past 3700 mg!
This morning, the price of Ethereum ($ETH) soared from $3,143 to $3,710 in just a few hours, a single-day increase of more than 20%. According to foreign media "Coindesk" citing people familiar with the matter, the current U.S. Securities and Exchange Commission (SEC) ) has shown a major change in attitude and is asking the exchange to "accelerate" the update of its 19b-4 documents.
Image source: TradingView
As the second largest cryptocurrency by market capitalization, Ethereum’s breakthrough is not only promising for the Ethereum spot ETF, but also comes at a critical moment from the perspective of technical analysis.
What’s next?
Well-known cryptocurrency analyst Jelle pointed out the previous day (May 20) that a "falling wedge" pattern appeared on the Ethereum chart. This pattern occurred when ETH recently retracted its 100-day exponential moving average (EMA). appeared.
At that time, Jelle believed that Ethereum was currently approaching the end of the falling wedge pattern. If Ethereum could maintain the trend and break through the upper trend line of the falling wedge, which is the resistance level near $3,200, it is usually interpreted as a bullish signal in technical analysis. The next move could be towards the $4,000 target level.
Analyst reveals key data: Get ready to see "this point"
The current market fluctuations have driven Ethereum to a high of $3,700. Jelle's prediction has been realized. Next, he drew the key signals on the historical chart, pointing out the current overall market value of the altcoin market (excluding those other than Bitcoin). The growth trend of cryptocurrencies is already very close to the pattern near the last halving market (2020-2021).
If his prediction is hit again, it means that we may see the same trend as the previous bull market high, that is, the overall market value of the altcoin market currently still has more than 10 times room for growth.
In the last round of halving, Ethereum soared from around US$500 to a historical high of US$4,878, an increase of more than 9 times. This round is more likely to have the benefit of Ethereum spot ETF. Can it replicate the trend again? , is currently an important focus of market attention.
