ETH Price Searches for Low Point While Bulls Set Sights on $5,000 Milestone — Insights from TradingView

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  <p class="">With the United States Securities and Exchange Commission (SEC) greenlighting Ethereum ETF proposals this past Thursday, there's significant market chatter about potential price shifts for this leading cryptocurrency as its trading debut nears.</p>
  <p class="">Nevertheless, the influx of Ethereum (ETH) into exchange platforms has sparked worries regarding possible profit-taking, adjustments in investment portfolios, and speculative trading activities.</p>
  <p class=""><strong>Potential Market Reaction to Ethereum ETF Approval</strong></p>
  <p class="">Crypto expert Ali Martinez highlighted that in tandem with these market activities, Jeffrey Wilke, co-founder of Ethereum, moved a considerable sum of 10,000 ETH to the Kraken exchange, worth about $37.38 million.</p>
  <p class="">Additionally, the increasing Ethereum reserves on exchanges suggest a surge in available tokens for trading.</p>
  <p class="">Recent data illustrates an influx of over 242,000 ETH to exchange platforms within the past fortnight, which could account for heightened trading interactions and possibly incite price instability.</p>
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  <p class="">The observable trend and Wilke’s transaction could hint at the likelihood of a widespread sale or increased profit-taking by investors.</p>
  <p class="">While thought leaders like Anthony Pompliano interpret the sanctioning of the Ethereum ETF as encouraging for the sector, traders are reminded to proceed with vigilance. Martinez interprets the burgeoning deposits of ETH into exchanges as a sign of prospective market replies that could engage profit-taking or create a selling force.</p>
  <p class="">Martinez also observes a sell signal presented by the Tom DeMark (TD) Sequential indicator on the ETH daily price chart, hinting at a short-term pullback or the beginning of a downward trend before any potential upward trajectory takes shape.</p>
  <p class=""><strong>Anticipations for Ethereum's Value Trajectory</strong></p>
  <p class="">Provided the Input-Output Model and Profitability (IOMAP) data, Martinez notes a significant support area for Ethereum between $3,820 and $3,700. Here, roughly 1.81 million addresses have acquired around 1.66 million ETH.</p>
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  <p class="">This level could function as a bulwark against the escalating sell pressure, but if it falters, a subsequent support region exists between $3,580 and $3,462 where over 3.13 million addresses hold in excess of 1.50 million ETH.</p>
  <p class="">Conversely, the most formidable barrier against price advances for Ethereum rests between $3,940 and $4,054, as more than 1.16 million addresses here have purchased nearly 574,660 ETH.</p>
  <p class="">Martinez reasons that a conclusive daily candle above $4,170 could negate any bearish perspectives and may instigate an upward trend, potentially ascending towards the $5,000 mark.</p>
  <p class="">At the moment of writing, ETH is priced at $3,719, manifesting a minor pullback of 2.5% within the last day. Nevertheless, based on Martinez's evaluation, Ethereum is currently situated in a pivotal demand region.</p>
  <p class="">As the initiation of trading for the approved Ethereum ETFs by prominent asset managers looms, the precise influence on the pricing dynamics remains a subject of anticipation.</p>
  <p class="">Featured image from Shutterstock, chart from TradingView.com</p>
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