The cryptocurrency Ethereum (ETH) is currently close to a significant breakout in its price, as per a technical analysis shared by prominent market analyst Jelle on May 20. The expert highlighted the Ethereum price target heading towards US$4,000.
In his analysis, the expert observed a very optimistic configuration for the second largest cryptocurrency on the market, highlighting that Ethereum was close to exiting a fall.
As the expert emphasized, after recovering the 100-day exponential moving average (EMA), the token needed a little push to get out of the pattern it was in for some time towards a target of more than US$4,000.
“$ETH is close to breaking out of this dip! After reclaiming the 100-day EMA, all that is needed is a small push to break out of the multi-month continuation pattern. Target: >$4,000,” the analyst wrote.
$ETH is close to breaking out from this falling wedge!
After reclaiming the 100-day EMA, all it needs is a little push to break out from the multi-month continuation pattern.
Target: >$4000.
— Jelle (@CryptoJelleNL) May 20, 2024
At the time of publication, the price of Ethereum was quoted at US$3,091.85 with an increase of 0.2% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$9,640,942,594. Amid the broader market rally last week, ETH has seen significant development and is up 4.2% over the past seven days.
Important week for Ethereum
The U.S. Securities and Exchange Commission’s (SEC) long-awaited ruling on spot Ethereum (ETH)-based exchange-traded funds (ETFs) could be very close. It is estimated that the decision on a potential approval or rejection of Ethereum ETFs should take place this week. An approval of the funds could push the second largest cryptocurrency to reach new heights, just as happened with Bitcoin, which has left the crypto community anxious about the decision.
It is worth noting that the regulator has been postponing its decisions on Ethereum ETFs in recent months. The SEC’s decisions on postponements come against the backdrop of regulatory concerns about the cryptocurrency spot market. Historically, the SEC has expressed concerns about the possibility of fraud and manipulation in this market.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/ethereum-eth-visando-us-4-000-enquanto-se-aproxima-de-rompimento-chave-em-seu-preco/
