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Ethereum is chasing the bull amid market uncertainty, data shows

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While ethereum (ETH) is navigating a precarious balance between bearish uncertainty and bullish prospects, let’s dissect the intricate journey of this altcoin. 

As the digital sun sets over the crypto markets, ethereum, the second-largest cryptocurrency by market capitalization, endures in the face of testing times. With an indecisive path and an apparent lack of a dominating force dictating the market’s future trend, digital assets are sailing in uncharted waters. 

However, charts suggest a pattern that could give traders an insight: an ascending triangle is brewing, offering a glimmer of hope for a bullish turnaround.

The present landscape

As of May 22, ETH trades at $1,810, with trading volumes at $3.63 billion. ETH has traded sideways since the Shapella upgrade and failed to break through the range.

Ethereum is chasing the bull amid market uncertainty, data shows - 1
ETH 90-day price chart | Source: CoinMarketCap

Yet, amid this sea of indecision, the ascending triangle formation is a potential lifeboat for traders. Bullish breakouts are the most anticipated outcomes of an ascending triangle, and ETH seems to be gearing up for just that. 

If the price successfully breaches the $1,838 resistance, the buying pressure could surge, immediately pushing the price to challenge the wedge pattern’s resistance trendline. 

Ethereum is chasing the bull amid market uncertainty, data shows - 2
ETH technical analysis | Source: TradingView

Meanwhile, since November 2022, a higher lows and highs pattern suggests an established bullish trend. Additionally, ethereum’s fear and greed index teeters at 67%, projecting a bullish sentiment among traders.

Despite a 15% tumble from April 2023’s peak of $2,138 to the current $1,813, the bullish trend remains intact. The long-term outlook stays positive, supported by a rising trendline where potential buyers can accumulate at the dips.

Impact of the Shapella upgrade

The recent Shapella upgrade to the Ethereum network has been successful, indicating institutional and retail investors’ growing confidence in ethereum’s future. 

Notably, the upgrade allowed for withdrawing staked ETH tokens. Although initially speculated to cause a sell-off, the impact was mild. 

As of now, staked ETH on the network has reached 18.72 million. This indicates a strong inflow into liquid staking projects like Lido (LDO) or Rocket pool (RPL).

Ethereum’s staking ratio is 15.2%, significantly lower than other proof-of-stake (PoS) chains boasting ratios over 60%. This gap suggests ethereum has ample room for growth.

ETH price prediction

According to the crypto market analytics platform Coincodex, Ethereum is expected to reach $1,915.15 by June 5, 2023, which marks an increase of approximately 5.88% from its current price. 

Meanwhile, a widely followed Twitter analyst presents a more ambitious projection for Ethereum’s price. The analyst believes that Ethereum is poised to break out and targets a price range of $2,636 to $2,760. 

While providing potential pathways for Ethereum’s future price, these predictions should be taken as speculative assessments.

Hence, any form of investment should be considered carefully, ideally with the guidance of a financial advisor.

A word of caution

While the prospects seem promising, the specter of regulatory crackdowns by the US SEC looms large. Remember the $30 million penalty for Kraken in February 2023? Staying informed and vigilant about short-term macroeconomic and regulatory risks is paramount. Meanwhile, never invest more than you can afford to lose.

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