Founder Thinks The Ethereum Chart Is “Gorgeous”: Is It True?
03 November 2023 - 12:00PM
NEWSBTC
Raoul Pal, the CEO and founder of Real Vision, thinks the
Ethereum chart is “gorgeous” and expects the coin to increase in
the months ahead. Though it is unclear when the coin will break
from the current consolidation and extend gains of the recent few
weeks, the endorsement from the founder can be bullish for the
coin. Ethereum Is Bullish, What’s Next? Presently, ETH is changing
hands at around $1,800 but remains below the psychological $2,000
level and July 2023 highs of approximately $2,100. The failure of
ETH to break above immediate resistance lines can be a concern,
considering the exemplary performance of Bitcoin (BTC) in the past
few weeks. At press time, BTC is trading near 2023 highs after
easing past July 2023 highs in late October 2023. The surge of
Bitcoin prices shifted sentiment, forcing capital back into crypto,
which had been relatively restive, reeling from the brutal effects
of last year’s crypto winter, which spilled to 2023. Looking at the
performance in the daily chart, ETH is up about 20% from October
2023 lows. Technically, the path of least resistance appears
northwards, syncing with the general crypto trend whose trajectory
seems reliant on Bitcoin. Related Reading: Dormant Bitcoin
Whales Rouse From Slumber To Threaten BTC Rally As it is, the
immediate resistance is around the $2,000 and $2,100 zone. If bulls
build on the current momentum as Pal expects, breaking from the
consolidation, ETH could surge to March 2022 highs of around
$3,500. However, the leg up from spot rates largely depends on the
strength of the breakout, a metric gauged by the trading
volume. A high volume breakout, similar to the one recorded
in the BTCUSDT when it broke above $32,000, may easily anchor
optimistic buyers angling for a near 100% rally in the coming
sessions. Ethereum Futures ETFs Are Live, But SEC Is Mum On ETH’s
Status Though Pal is bullish, the founder didn’t specify the exact
trigger that may lift the second most valuable coin to new levels,
justifying why the ETHUSDT chart at the spot level is “gorgeous.”
Still, the community is overly bullish because the United States
Securities and Exchange Commission (SEC) recently approved the
first Ethereum Futures Exchange-Traded Fund (ETF). These products
provide a new and regulated way for investors to gain exposure to
ETH. Over time, this may attract institutional investors, which may
drive prices higher. Related Reading: Shiba Inu Whales Are
Moving SHIB Again, Bearish Or Bullish? Though the SEC has yet to
publicly declare ETH is a commodity like Bitcoin, their approval of
Ethereum Futures ETFs as the community awaits the eventual
authorization of the first spot Bitcoin ETF suggests that the
regulator could be comfortable with ETH. Feature image from Canva,
chart from TradingView
JUST (COIN:JSTUSD)
Historical Stock Chart
From Apr 2024 to May 2024
JUST (COIN:JSTUSD)
Historical Stock Chart
From May 2023 to May 2024