Is The Bottom Here For Ethereum USD? Analyst Anticipates Ether Approaching Breakout
Since yesterday, ETH has been fluctuating around $4,300 against USD, bouncing back in line with a typical pattern after retracing to the $4,000 region earlier this week. Ethereum is currently stabilizing following tests of important support levels, similar to Bitcoin’s situation after Germany divested its stake.
At this moment, however, insightful analytics suggest a possible local bottom for 
ETH ▲1.45%. Analyzing technical patterns and institutional movements indicates that the next increase could be on the horizon.
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Ethereum Poised to Reach Up to 15K Against USD
The ETH USD has initiated a price breakout from a downward trend lasting two years, and the weekly chart has been altering its structure since July. The EMA 5/10/30 has crossed the uptrend threshold for the first time since 2022.
MACD is beginning to trend positively across longer time frames, particularly with the significant volume that has mitigated selling pressure. Overall, the substantial trading volume has prevented new lows, indicating signs of downside exhaustion.
Inflows from spot ETFs remain robust, with firms like BlackRock accumulating over 65,000 Ethereum last week. The ETH/BTC pair seems to have bottomed out in the 0.018 range last April, and it is currently climbing towards the 0.04 resistance. A upward movement above this level could provide strength to altcoins and potentially initiate a full-scale bull run.
(ETH/BTC)
The daily chart’s falling wedge pattern has broken upward, targeting above $4,800 for a new all-time high for ETH USD. Even options trading data indicates significant calls at $5,000 for next month’s expiration.
Once Ethereum USD reclaims the $4,560 territory, it will be set for higher prices, confirming an inverse head-and-shoulders formation that could propel it above $5,000.
Nonetheless, August is traditionally a pessimistic month for ETH, with some years witnessing a -60% decline.
However, anticipated Fed rate reductions could usher in an exceptionally bullish phase for cryptocurrencies. Standard Chartered is projecting a $7,500 Ethereum USD by the end of the year, while some estimates reach between $8,000 and $15,000 amid ETF approvals. We must not underestimate institutional buyer interest.
The bottom for Ethereum USD has been established. Altseason is expected to follow as ETH progresses.
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Key Takeaways
- Ethereum has been hovering around $4,300 against USD since yesterday.
- Ethereum USD has begun a upward movement from a two-year downtrend, with the weekly chart showcasing a structural shift since July.
The post Is The Bottom In For ETH USD? Analyst Predicts Ether Heading For Breakout appeared first on 99Bitcoins.
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