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Crypto X Analyst Spots ‘Big Breakout’ for Ethereum

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Ethereum’s price was down 2.9% for the 1-month view to start the weekend. But it was down even more, by -38%, over the 1-year view.

That could be a buying opportunity for cryptocurrency investors and altcoin traders to scoop some Ether tokens at a discount. In fact, one popular Crypto X analyst recently pointed out that Ethereum’s price chart exhibits a potential bullish breakout up ahead.

Crypto Analyst Checks Ethereum Price Falling Wedge

MN Fund founder Michaël van de Poppe wrote in an update on Wednesday, Apr. 30:

“$ETH is consolidating before a big breakout upwards. The liquidity is up for grabs, it just needs a news related item to kick it off.”

De Poppe then shared a TradingView screen grab of descending wedge lines with steeper lines of resistance and flattening lines of support. This is a classic chart indicator of a bullish reversal from a downward trend.

It is an especially suggestive indicator in this case because it has the textbook declining daily trade volume as the trend lines converge.

Vitalik Buterin New Ethereum Roadmap for 2025

One commentator replied to van de Poppe:

“Yeah that ETH chart’s wound tighter than a drum rn. Consolidation screams pre-breakout vibes. Just need that catalyst like you said. What kinda news are we realistically looking for tho?”

Ethereum founder Vitalik Buterin’s new 2025 roadmap for the cryptocurrency may pull its community back together.

The number two ranked cryptocurrency by total market cap has been in a price doldrums on Bitcoin’s current multi-month upswing. But that doesn’t mean it’s all over for Ethereum yet.

The leading smart contract altcoin has seen price growth deflate while several L2s grew vastly in market cap since the Dencun Upgrade in Mar. 2024.

These Layer 2 zip file style solutions to speeding up Ethereum have been making most of the percentage gains because that’s what the new incentive structure rewards.

The same day as his Ethereum falling wedge update, van de Poppe reminded followers the extreme bearish sentiment on many altcoins at the moment is a window of opportunity to capture ROI when the market turns again.

Prispevek Crypto X Analyst Spots ‘Big Breakout’ for Ethereum appeared first on CryptoPotato.

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