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The price of ethereum ethereum“>abandonment more than 1% in the last 24 hours to trade at $4,528.33 at 10:50 pm EST.
But QCP Capital sees better times ahead. “We expect Ether to continue outperforming bitcoin in the medium term as the narrative turns toward potential eth spot ETF approvals,” he said in his latest report. Market update report.
QCP Capital supported its prediction by highlighting that the eth/btc exchange rate increased from 0.05 to 0.06 in the last week, and added that eth spot ETFs could be approved “as early as May.”
Talks about the possibility of regulatory approval for eth spot ETFs gained momentum following comments from BlackRock CEO Larry Fink in an interview with CNBC last week.
“I see value in having an ethereum ETF,” he said. “As I mentioned, these are just steps towards tokenization.”
ethereum price breaks out of positive channel
4-hour chart for eth/USDT (Source: TradingView)
He ethereum The price broke below a positive price channel that had formed on its charts in the last 2 weeks and continues to trade outside of this channel. As a result, the leading altcoin is exposed to the risk of potentially falling to $2,440 in the next 24 hours. Continued selling pressure could drive ethereum price as low as $2,295 in the near term.
This bearish thesis may be invalidated if eth is able to close a 4-hour candle within the positive price channel in the next 12 hours. ethereum price may then begin to rise towards the $2,685 resistance level. The bulls may then choose to increase the price of the cryptocurrency above this threshold, giving it the necessary foundation to potentially rise to $2,840 in the coming days.
eth is still at the mercy of sellers
eth may not rise in the coming hours as technical indicators on its 4-hour chart support a short-term bearish outlook. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest that the bulls are currently dominated by the bears.
In the last 24 hours, the MACD line crossed below the MACD signal line. This is an important bearish technical flag and signals a continuation of eth negative trend. The slope of the MACD histogram is also negative, which is a sign that the altcoin's bearish momentum shows no signs of slowing down yet.
In addition to this, the RSI line broke below its simple moving average (SMA) line during the last trading day. Traders generally identify this as a sign that sellers have gained an advantage over buyers. As a result, it may be easier for bears to drive the price of ethereum lower in the next 24 hours than for bulls to raise it over the same period.
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