- Ethereum’s bullish patterns and RSI breakout suggest potential upward momentum and significant growth prospects.
- Institutional interest boosts Ethereum’s accumulation addresses, highlighting long-term confidence in ETH’s potential.
Popular analyst Javon Marks’s analysis of a possible bullish momentum that might drive ETH into a target of $4,811.6 is drawing much attention to Ethereum’s latest performance. Marks claims that Ethereum has lately displayed many hidden bullish divergence patterns as well as a Relative Strength Index (RSI) breakthrough.
Traders typically read these signals as signs of an impending upward movement, therefore strengthening their opinion that Ethereum would be ready for yet another major surge. Marks particularly notes that ETH already has risen by around 120% from a prior breakout, suggesting a possible 75% rise in development as well.
$ETH (Ethereum), coming off of multiple confirmed Hidden Bull Divergence patterns and an RSI breakout, can be setting here for a continuation towards the $4811.6 target!
With prices up about +120% since breaking out, a run looks to already be in-effect, so another +75% move to… https://t.co/qa7K8qGBT4 pic.twitter.com/PrPDxfPzPa
— JAVONMARKS (@JavonTM1) October 30, 2024
ETH Shows Resilience Amid Recent Corrections, Eyeing Continued Growth
As of writing, ETH is trading at about $2,493.81. Early this month, it somewhat corrected with a 5.61% drop over the last 24 hours. Still, the general sentiment is positive since recent data and technical patterns point to a continuously bullish trend.
Marks argues that Ethereum’s latest breaks and confirmations point to a more than just speculation movement toward $4,811.6. Such trends are sometimes interpreted as affirmations of the strength of an asset in an ongoing trend as traders wait for the next leg up.
From the institutional standpoint, Ethereum’s attraction is only strengthening. A prior CNF report shows a notable increase in Ethereum accumulation. Over 19 million ETH, the number of accumulation addresses has about doubled over 2024.
This significant increase is in line with a larger trend among institutional investors dedicating ever bigger shares of their portfolios to Ethereum and ETH staking possibilities.
