Previously, we described a lot of facts in favor of the imminent start of market growth:
1️⃣ Bitcoin after halving. Why you shouldn't sell your assets
2️⃣ Bitcoin’s current sideways trend may end this week!
3️⃣ Alts are ready to take off and what will happen to Bitcoin? Big review
4️⃣ Why shouldn’t we be afraid of drawdowns now?
Also in one of the posts we directly wrote that we personally are already fully in the market.
And in the postEthereum. Growth targets for 2024-2025 we gave a public trading recommendation for ETH at the bottom.
We hope you, like us, bought out fear by following our recommendations from the public channel, therefore, were prepared for what was happening 🚀
📈 In general, we expected that such explosive market growth would begin last week, against the backdrop of the release of inflation data and the liquidation of short sellers, which ultimately became the starting catalyst for growth.
Yes, of course, everything that was said earlier already indicated an early start to market growth, taking into account the massive formation of bullish formations, but the main impetus for growth was the theme$ETH ETF. As if someone really thought that they might not approve of him 🤦♂️
The SEC is asking exchanges to expeditiously update applications for spot ETH-ETFs.
The closest dates for potential approval of the ETH ETF are May 23-24 📆
❌ Most likely, ETFs will not be approved on these dates and the market will go down for a short time, but we have already experienced this with$BTC Bitcoin.
Let us remember that applications for the BTC ETF were rejected many times, but were ultimately approved. And the market grew in anticipation of this approval, since there was no longer any doubt that this would happen.
Now the story is the same with ETFs, so any drawdowns now will be bought back very quickly 💼
🕯 Technical analysis
Technically, ETH looks great.
Yesterday, the coin successfully broke through and consolidated above the side downward channel, which in its structure was a bullish Flag pattern, which we have talked about many times before.
Moreover, the coin successfully broke through the bullish Wedge pattern, which was forming right along the long-term moving average MA200d.
The indicators had previously cooled down, but even after yesterday's impulse, the indicator did not reach the overbought zone.
📊 Result:
ETH has just begun its growth, and it has always been a harbinger of the growth of alts$BNB
Locally, we can see a pullback downwards before the rally continues, but the further driver of the movement is obvious.
There are too many positive fundamental and technical facts in favor of growth.
The nearest growth target is the historical maximum of 2021, which is at $4,866.
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