Is The Bottom In For ETH USD? Analyst Predicts Ether Heading For Breakout

[Redator]

ETH has been trading around $4,300 against USD since yesterday, a follow-the-pattern bounce after a dip to the $4,000 area earlier this week. Ethereum is consolidating after testing key supports, just like Bitcoin did after Germany sold the country stake.

Right now, though, smart analytics are pointing to a potential local bottom after for ETH ▲1.45%. Based on technical patterns and institutional flows, the next pump could be imminent.

Ethereum

Price

Market Cap

ETH

$517.47B

24h7d30d1yAll time

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ETH to Blast as High as 15K Against USD

ETH USD has been in a price breakout from a two-year downtrend, but the weekly chart has been flipping structure since July. The EMA 5/10/30 has crossed the bullish line for the first time since 2022.

MACD is turning positive in higher timeframes, especially with the huge volume that has subsided the selling pressure. On balance, the huge trading volume has avoided new lows, a pattern of downside exhaustion.

Spot ETF inflows is still going strong, with institutions like BlackRock adding over 65,000 ETH last week. ETH/BTC pair appears bottomed at 0.018 area last April, and now it’s pushing toward 0.04 resistance. A pump above this will give altcoins strength, and eventually leads to a full blown bull run.

(ETH/BTC)

The falling wedge pattern on the daily chart has broken upward, targeting above $4,800 for a new ETH USD all-time high. Even trading options data shows heavy calls at $5,000 for the next month’s expiry.

Once ETH USD reclaims the $4,560 area, it will set up for higher prices, which confirms an inverse head-and-shoulders formation for a bounce higher than $5,000.

(ETHUSD-Inverse HnS)

However, August is historically a bearish month for ETH, with some years closing at -60%.

Again, however, the potential Fed rate cuts will force an ultrabullish period for crypto. Standard Chartered even eyes $7,500 ETH USD by year-end, while some project $8,000 to $15,000 amid ETF approvals. Institutional demand is something that we should never forget.

ETH USD bottom has been established. Altseason will follow once ETH goes.

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Key Takeaways

• ETH has been trading around $4,300 against USD since yesterday.
• ETH USD has been in a price breakout from a two-year downtrend, but the weekly chart has been flipping structure since July.

The post Is The Bottom In For ETH USD? Analyst Predicts Ether Heading For Breakout appeared first on 99Bitcoins.