{"id":609000,"date":"2024-05-20T22:00:39","date_gmt":"2024-05-20T22:00:39","guid":{"rendered":"https:\/\/ktsl888.com\/?p=609000"},"modified":"2024-05-20T17:05:07","modified_gmt":"2024-05-20T17:05:07","slug":"ethereum-nears-crucial-breakout-could-4000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-nears-crucial-breakout-could-4000\/","title":{"rendered":"Ethereum Nears Crucial Breakout: Could $4,000 Be The Next Move?"},"content":{"rendered":"

Ethereum, the second-largest cryptocurrency by market capitalization, is currently poised at a crucial juncture, with a prediction of a potential breakout.<\/p>\n

Prominent crypto analyst Jelle recently pointed out that Ethereum is nearing the end of a falling wedge pattern, a situation often interpreted as a bullish signal<\/a> in technical analysis.<\/p>\n

Related Reading: Is Ethereum Set For A Major Rally? Options Traders Bet Big On $3,600+ Targets For June<\/a><\/div>\n

Technical Indicators And Market Sentiment<\/h2>\n

Jelle observed a falling wedge pattern on Ethereum’s chart, which emerges as ETH recently reclaimed its 100-day Exponential Moving Average (EMA), a development that further bolsters the bullish case.<\/p>\n

According to Jelle, if Ethereum can sustain this momentum and push past the upper boundary of the wedge, it might set its sights on the $4,000 level, a significant “psychological and technical” threshold.<\/p>\n

\n

$ETH<\/a> is close to breaking out from this falling wedge!<\/p>\n

After reclaiming the 100-day EMA, all it needs is a little push to break out from the multi-month continuation pattern.<\/p>\n

Target: >$4000.<\/p>\n

\ud83d\udc40\ud83d\udcc8 pic.twitter.com\/IW5eIQWXzG<\/a><\/p>\n

\u2014 Jelle (@CryptoJelleNL) May 20, 2024<\/a><\/p><\/blockquote>\n

The anticipation of this breakout is heightened by the current market dynamics<\/a>, where Ethereum is trading just above $3,000, specifically trading at price of $3,088, at the time of writing.<\/p>\n

The asset has experienced a modest increase of 0.2% in the last 24 hours and a total of 4.1% over the past week. However, looking at the price chart, Ethereum appears to have been consolidating just above the $3,000 level, suggesting a building base for future significant movement<\/a>.<\/p>\n

\"Ethereum
ETH price is consolidating on the 30-minute chart. Source: ETH\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

This consolidation period, often called accumulation, may be largely due to market participants<\/a> awaiting the upcoming decision from the US Securities and Exchange Commission (SEC) on the approval of the much-anticipated spot Ethereum ETF.<\/p>\n

With this critical announcement expected later in the week, buyers and sellers appear to be in a holding pattern, cautiously awaiting the news that will likely determine their next strategic moves.<\/p>\n

Ethereum Regulatory Decisions And Market Speculation<\/h2>\n

So far, Bloomberg\u2019s Senior ETF Analyst, Eric Balchunas, has expressed a cautious stance concerning the spot Ethereum ETF estimating only a 25% chance<\/a> that the spot ETF will receive approval.<\/p>\n

On the other hand, Nate Geraci, President of the ETF Store, has revealed that the process for ETF approval involves several critical steps, including the acceptance of both 19b-4 filings (Exchange Rule Changes) and S-1 registration statements (initial registration forms for new securities).<\/p>\n

Related Reading: Expert Sets Timeline For When Ethereum Price Will Begin Rally To $10,000<\/a><\/div>\n

While there is optimism that the 19b-4 filings might be approved, there is less certainty about the S-1s. The SEC’s slow engagement with these filings could indicate a prolonged review period, which might delay the introduction of Ethereum spot ETFs.<\/p>\n

\n

SEC decision deadline this week on spot eth ETFs\u2026<\/p>\n

SEC must approve both the 19b-4s (exchange rule changes) & S-1s (registration statements) for ETFs to launch.<\/p>\n

Technically possible for SEC to approve 19b-4s & then slow play S-1s (esp given reported lack of engagement here).<\/p>\n

\u2014 Nate Geraci (@NateGeraci) May 19, 2024<\/a><\/p><\/blockquote>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum, the second-largest cryptocurrency by market capitalization, is currently poised at a crucial juncture, with a prediction of a potential breakout. Prominent crypto analyst Jelle recently pointed out that Ethereum is nearing the end of a falling wedge pattern, a situation often interpreted as a bullish signal in technical analysis. Related Reading: Is Ethereum Set For A Major Rally? Options Traders Bet Big On $3,600+ Targets For June Technical Indicators And Market Sentiment Jelle observed a falling wedge pattern on Ethereum’s chart, which emerges as ETH recently reclaimed its 100-day Exponential Moving Average (EMA), a development that further bolsters the bullish case. According to Jelle, if Ethereum can sustain this momentum and push past the upper boundary of the wedge, it might set its sights on the $4,000 level, a significant “psychological and technical” threshold. $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. \ud83d\udc40\ud83d\udcc8 pic.twitter.com\/IW5eIQWXzG \u2014 Jelle (@CryptoJelleNL) May 20, 2024 The anticipation of this breakout is heightened by the current market dynamics, where Ethereum is trading just above $3,000, specifically trading at price of $3,088, at the time of writing. The asset has experienced a modest increase of 0.2% in the last 24 hours and a total of 4.1% over the past week. However, looking at the price chart, Ethereum appears to have been consolidating just above the $3,000 level, suggesting a building base for future significant movement. This consolidation period, often called accumulation, may be largely due to market participants awaiting the upcoming decision from the US Securities and Exchange Commission (SEC) on the approval of the much-anticipated spot Ethereum ETF. With this critical announcement expected later in the week, buyers and sellers appear to be in a holding pattern, cautiously awaiting the news that will likely determine their next strategic moves. Ethereum Regulatory Decisions And Market Speculation So far, Bloomberg\u2019s Senior ETF Analyst, Eric Balchunas, has expressed a cautious stance concerning the spot Ethereum ETF estimating only a 25% chance that the spot ETF will receive approval. On the other hand, Nate Geraci, President of the ETF Store, has revealed that the process for ETF approval involves several critical steps, including the acceptance of both 19b-4 filings (Exchange Rule Changes) and S-1 registration statements (initial registration forms for new securities). Related Reading: Expert Sets Timeline For When Ethereum Price Will Begin Rally To $10,000 While there is optimism that the 19b-4 filings might be approved, there is less certainty about the S-1s. The SEC’s slow engagement with these filings could indicate a prolonged review period, which might delay the introduction of Ethereum spot ETFs. SEC decision deadline this week on spot eth ETFs\u2026 SEC must approve both the 19b-4s (exchange rule changes) & S-1s (registration statements) for ETFs to launch. Technically possible for SEC to approve 19b-4s & then slow play S-1s (esp given reported lack of engagement here). \u2014 Nate Geraci (@NateGeraci) May 19, 2024 Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":603885,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[134,8323,1946,10336,91844,84307,78803],"class_list":["post-609000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoin","tag-eth","tag-ethereum","tag-ethereum-analysis","tag-ethereum-market","tag-ethereum-prediction","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Nears Crucial Breakout: Could $4,000 Be The Next Move?<\/title>\n<meta name=\"description\" content=\"Ethereum, the second-largest cryptocurrency by market 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Nears Crucial Breakout: Could $4,000 Be The Next Move?","url":"http:\/\/ktsl888.com\/news\/ethereum\/ethereum-nears-crucial-breakout-could-4000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/ethereum\/ethereum-nears-crucial-breakout-could-4000\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/04\/istockphoto-2075a_d2c0ab.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/04\/istockphoto-2075a_d2c0ab.jpg?fit=553%2C311"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","eth","ethereum","ethereum analysis","ethereum market","ethereum prediction","ethusdt"],"dateCreated":"2024-05-20T22:00:39Z","datePublished":"2024-05-20T22:00:39Z","dateModified":"2024-05-20T22:00:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Nears Crucial Breakout: Could $4,000 Be The Next Move?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/ethereum-nears-crucial-breakout-could-4000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/ethereum-nears-crucial-breakout-could-4000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/istockphoto-2075a_d2c0ab.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/istockphoto-2075a_d2c0ab.jpg?fit=553%2C311\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"eth\",\"ethereum\",\"ethereum analysis\",\"ethereum market\",\"ethereum prediction\",\"ethusdt\"],\"dateCreated\":\"2024-05-20T22:00:39Z\",\"datePublished\":\"2024-05-20T22:00:39Z\",\"dateModified\":\"2024-05-20T22:00:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/04\/istockphoto-2075a_d2c0ab.jpg?fit=553%2C311","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/609000"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=609000"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/609000\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/603885"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=609000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=609000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=609000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}