Top Analyst Predicts Ethereum Breakout Could Propel Altcoins to New Highs

• Ethereum exhibits bullish indicators including a flag pattern and higher lows.
• The RSI suggests a hidden bullish divergence, indicating a potential for a significant price breakout.
• Concerns over SEC rejection of Ethereum ETF applications pose a threat to Ethereum’s value and its ratio against Bitcoin.

Ethereum (ETH) enthusiasts are buzzing with excitement as crypto analyst Javon Marks recently pointed out several bullish indicators for the popular cryptocurrency.

Marks, known for his insightful analyses, highlighted a promising pattern on the Ethereum chart resembling a bullish flag. This formation, coupled with the emergence of higher lows in Ethereum’s price action, suggests a robust resilience against downward trends.

Bullish Metrics in $ETH (Ethereum) 🔑:

• Bull Flag-Like Price Structure
• Higher Lows in Price Action
• Lower Lows in RSI = Hidden Bullish Divergence with Price
• Larger Price Breakout Indicating >63% Upside to $4,811

This Bull Flag breakout may lead into new All Time Highs… pic.twitter.com/f9yN0yTgN3

— JAVON⚡️MARKS (@JavonTM1) May 14, 2024

Moreover, Marks drew attention to the Relative Strength Index (RSI), noting lower lows that indicate a hidden bullish divergence with Ethereum’s price movement. These positive metrics have fueled speculation that Ethereum could be gearing up for a monumental breakthrough, potentially reaching new all-time highs. Marks emphasized the significance of this potential breakout, suggesting it could play a pivotal role in the advancement of various altcoins across the market.

Adding to the optimism surrounding Ethereum’s future, crypto analyst Michaël van de Poppe echoed sentiments of a looming major move for the cryptocurrency. Van de Poppe attributed this anticipated surge to the anticipation surrounding the Ethereum ETF, predicting that it could catalyze a rotation favoring altcoins.

However, amidst the optimism, concerns loom over Ethereum’s prospects. Reports circulating about the Securities and Exchange Commission (SEC) potentially rejecting Ethereum ETF applications have cast a shadow over the cryptocurrency’s outlook. Analyst James Van Straten cautioned that such a rejection could trigger a significant decline in Ethereum’s value, with implications for the ETHBTC ratio.

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