Ethereum’s dominance surged on the week amid ETF approval speculation and one trader thinks it will hit $5,000 if three key indicators align.
Ether could surge to retest the $5,000 price mark it fell short of in 2021 if three long-term indicators continue flashing, says one crypto trader.
“The dominance chart suggests we’re entering an ‘ETH Season’ where Ethereum is likely to outperform other cryptocurrencies,” pseudonymous crypto trader Blockchain Mane told Cointelegraph.shows ETH’s dominance — its share of the crypto market — jumped 19.56% over the past seven days after reports surfaced the SEC was pivoting from its hard stance on ETF approvals.Blockchain Mane noted another key long-term indicator, the Fibonacci retracement, was showing “strong support.
The third indicator Blockchain Mane noted was the parabolic curve, which spots potential trend changes by placing dots above or below Ether’s price movements. Mane said ETH is following a “bullish trend” along the curve, with three marked phases: base one, base two and base three.“ETH is up more this week than the S&P 500 typically gives you in a year,” crypto commentator Benjamin Cowen said in a May 23 XGodzilla vs. Kong: SEC faces fierce battle against crypto’s legal firepower
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Zeneca’s portfolio peaked at $20M — and he has ‘2021 vibes’ again: NFT Collector
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