Will The Sec's Etf Approval Trigger Ethereum's Rally?

According to a crypto trader, three main indicators suggest that Ethereum (ETH) has the potential to surpass its all-time high.

A crypto trader suggests that if three long-term indicators continue to signal positively, Ether could retest the $5,000 price level it failed to reach in 2021.

Blockchain Mane stated, "The dominance chart shows that we are entering a period where Ethereum is likely to outperform other cryptocurrencies."

This comment came after the U.S. Securities and Exchange Commission (SEC) approved eight spot Ether exchange-traded funds (ETFs) on May 23.

According to TradingView data, ETH dominance reached 19.56% in the last seven days following news that the SEC had softened its stance on ETF approvals.

Blockchain Mane pointed out another crucial long-term indicator, the Fibonacci retracement, which provides "strong support." This indicator, based on mathematical models calculated from the Fibonacci sequence, predicts potential price levels where Ether (ETH) might rebound.

Blockchain Mane mentioned that ETH has "resistance targets of $5,080.60 and $6,231.83." According to CoinMarketCap, Ether reached its all-time high of $4,878 in November 2021.

Currently, Ether is trading at $3,802.

Blockchain Mane highlighted a third indicator for Ether (ETH), the parabolic curve, which detects potential trend changes by placing points above or below the price.

Mane explained that ETH is following an "upward trend" along the curve through three distinct stages. "The parabolic curve, especially after breaking out of a descending wedge formation, indicates that the upward movement continues," he stated.

Other crypto traders are focusing on shorter-term price movements following the approval of spot Ether ETFs.

Crypto commentator Benjamin Cowen noted in a May 23 post on X, "ETH has risen this week more than the S&P 500 typically does in a year."

Crypto trader Matthew Hyland believes that it is critical for Ether to "maintain" its current support level around $3,800.

The price of Ether has remained largely unchanged following the approval of ETFs. This could be due to the possibility that the ETF approvals were already priced in and that ETF trading has not yet commenced.

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