Tony “The Bull,” Technical analyst and Editorial Executive of NewsBTC think Ethereum (ETH), which is the second most valuable crypto currency, is about explode. “The Bull” Technical candlestick formations in the ETHUSDT weekly chart are cited as a key indicator for ETH. A coin that is now trading at $3,000 – the highest price over the past two years – can be a good indication.
The analyst pointed Bollinger Bands are a measure of volatility. The Bollinger Bands (BB) is a lagging technical indicator like the moving average and most other indicators. However, when its band narrows, traders attribute it to a decreasing volatility.
The history of the world shows this. “squeeze” Prices can be influenced by key breakout levels in either direction. However, when the bands start expanding, things change. When this happens, it is likely that asset prices will rise, as in the case of ETH.
The ETHUSDT chart shows that prices are moving upwards. Despite the general optimism in the crypto markets, ETH has been trading within a narrow range over the past few months. In the monthly chart, it’s clear that there was a brief period where prices were consolidated. “squeeze.”
The second-most valuable coin is beginning to see a rise in value as ETH continues to break higher. Trading at over $3,000, trending at April 2022 levels. Note that the coin is part of a breakout since its prices broke through January 2024 highs.
The monthly chart is a good indicator of future price increases. The fact that bands are beginning to widen, and the monthly bull bars are banding along the upper BB suggests high volatility. Technically, when bars band together along the upper-BB, which is what is happening, it indicates that the upward momentum is strong. Accordingly, based upon this formation, the Executive believes what is happening in the ETHUSDT Monthly Chart could be a prelude to an “explosion.”
SEC: Eyes on the United States
How the United States Securities and Exchange Commission could fuel this upswing and push the coin to above $3,500 is what could further drive the upswing.SEC) responds to the current spot Ethereum exchange-traded fund (ETF) applications. The approval for a spot Ethereum ETF may lead to an increase in institutional investment.
Institutions have responded in a similar way to Bitcoin ETFs. If a product like this was created for Ethereum, it would lead to billions of dollars flowing into the coin. Increased institutional investments could drive up ETH prices.
Reddit’s public launch is approaching. filing With the United States SEC, the social media platform intends to accumulate Bitcoin (BTC), Ethereum ETH (MATIC), and Polygon MATIC using excess cash.
Chart by TradingView with Canva image as a feature.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: bitcoinist.com
