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The Company's Founder Finds The Ethereum Chart To Be Amazing

2023-11-03 18:03:20

Real Vision's CEO and creator, Raoul Pal, called the Ethereum chart gorgeous and predicted that the token will rise in the next few months. The founder's support for the coin might be encouraging, even though it is unknown whether it will emerge from its present consolidation and continue its recent advances.

Ethereum price. Source: Tradingview

At $1,800, ETH is trading at the moment, but it is still below the psychological $2,000 mark and the highs of almost $2,100 reached in July 2023. Given the stellar success of Bitcoin (BTC) over the last several weeks, it is reasonable to be concerned about ETH's inability to break above its present resistance lines. After relaxing over the July 2023 highs in late October 2023, Bitcoin is currently trading close to its 2023 highs. The sharp increase in Bitcoin prices changed investor attitude and brought money back into the cryptocurrency space, which had been comparatively quiet due to the severe consequences of the previous year's crypto winter, which extended until 2023.

According to the daily chart's efficiency, ETH has increased by almost 20% since its October 2023 lows. From a technical perspective, the direction of the greatest resistance looks to be up, aligning with the overall trend in cryptocurrencies that seems to be dependent on Bitcoin. As it is, the $2,000–$2,100 region serves as the initial barrier. If bulls continue on the present trajectory as Pal predicts and break out from the consolidation, ETH might rise to highs of almost $3,500 in March 2022. The trading volume serves as a proxy for the breakout's power, which is a key factor in determining the leg above spot rates.  A breakthrough with significant volume, like the one seen in the BTCUSDT upon breaking above $32,000, might serve as a strong anchor for bulls hoping for a near 100% increase in the upcoming sessions.

Pal is positively bullish, but in order to explain why the ETHUSDT graph at the spot price is gorgeous, the company's founder could not identify the precise trigger that can push the second-highest valued cryptocurrency to new heights. Nevertheless, because the first Ethereum Futures Exchange-Traded Fund (ETF) has recently been authorized by the US Securities and Exchange Commission (SEC), the community remains too optimistic. These goods provide buyers with a fresh, controlled method of being involved with ETH. This may eventually draw in larger investors, which might raise prices. Although the SEC has not yet made it known that ETH is a commodity like Bitcoin, the fact that they have approved Ethereum Futures ETFs while the community at large is waiting for the first Bitcoin ETF to be authorized shows that they may be at ease with ETH.

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