Crypto analyst Javon Marks has highlighted several metrics that
have turned bullish for Ethereum (ETH). The analyst noted that one
of these metrics suggests an all-time high (ATH) for the
second-largest crypto token.  Bullish Metrics For Ethereum
Marks remarked in an X (formerly Twitter) post that the bull
flag-like price structure has formed on the Ethereum chart. He
added that higher lows are forming in Ethereum’s price action,
which is also a bullish signal as it suggests a strong resistance
to downward trends. Meanwhile, the analyst claims lower lows in the
Relative Strength Index (RSI) indicate a hidden bullish divergence
with Ethereum’s price. Related Reading: Brace For Impact: Mt. Gox
Set To Inject 142,000 BTC And 143,000 Bitcoin Cash Into The Market-
Here’s When Marks then raised the possibility of Ethereum hitting a
new ATH, stating that the “bull flag breakout might lead into new
all-time highs and be of major service in many Altcoin
progressions.” Before then, he claimed that Ethereum could soon
experience a larger price breakout, making the crypto token
experience a 63% upside to $4,811. Crypto analyst Michaël van de
Poppe also recently suggested that Ethereum could make a major move
soon enough and lead altcoins to make new highs. According to him,
this will be triggered by the news surrounding the Ethereum ETF, as
he expects that to be the “rotation for the Altcoins.” However,
Ethereum also risks experiencing a significant decline, considering
reports that the Securities and Exchange Commission (SEC) might
reject the Ethereum ETF applications. Crypto analyst James Van
Straten stated that a rejection of the Spot ETF “sends the ETHBTC
ratio lower 0.047 to 0.03 as a long-term projection.” This was one
of the reasons why the analyst stated that “Ethereum looks like
it’s going to the grave.” He also alluded to the fact that ETH has
become inflationary with the Decun upgrade reducing transaction
fees, which has ultimately reduced ETH’s burn rate.  Things
Aren’t Looking Good For ETH Crypto analyst Derek recently mentioned
that “Ethereum dominance and recent performance are heading toward
their worst ever.” He noted that attention has turned to Bitcoin
due to the reports about a potential rejection of the Ethereum ETF
and securities status, which has put pressure on investment
sentiment. According to him, this has caused the “imbalance in
dominance” to reach its worst point.  Related Reading: This
Crypto Expert Called The Bitcoin Top in 2021, Now He’s Calling The
Bottom In 2024 Derek further noted that Ethereum’s unimpressive
price action is affecting other altcoins, as their prices are
“depressed.” He also claimed that the prices of layer two coins
“continued to be under pressure.” The analyst suggested that things
could get worse, as the ETH/BTC chart shows a downward wedge
pattern in progress. He claims that altcoins can only “breathe” if
Ethereum can escape this pattern quickly. At the time of writing,
Ethereum is trading at around $2906, down in the last 24 hours
according to data from CoinMarketCap.  Featured image from
Metaverse Post, chart from Tradingview.com

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