Ether (ETH) could potentially retest the $5,000 price mark it narrowly missed in 2021 if three long-term indicators continue their current trends, according to one crypto trader.
“The dominance chart suggests we’re entering an ‘ETH Season’ where Ethereum is likely to outperform other cryptocurrencies,” said pseudonymous crypto trader Blockchain Mane in an interview with Cointelegraph.
This optimism follows the United States Securities and Exchange Commission’s (SEC) initial approval of eight spot Ether exchange-traded funds (ETFs) on May 23.
Data from TradingView reveals that ETH’s market dominance surged by 19.56% over the past week after reports suggested the SEC was shifting its stance on ETF approvals.
Blockchain Mane highlighted another key long-term indicator: the Fibonacci retracement.
This indicator predicts potential price levels where Ether might rebound, based on mathematical patterns from the Fibonacci sequence.
According to Mane, ETH is showing “resistance targets at $5,080.60 and $6,231.83.”
These levels are significantly higher than its all-time high of $4,878 in November 2021, as reported by CoinMarketCap.
At the time of publication, Ether is trading at $3,802.
READ MORE: Bitcoin Battles to Hold $69,000 as Analysts Eye Potential Retracement
The third indicator noted by Blockchain Mane is the parabolic curve, which identifies potential trend changes by placing dots above or below Ether’s price movements.
Mane observed that ETH is following a “bullish trend” along the curve, with three distinct phases: base one, base two, and base three.
“The parabolic curve indicates continued upward movement, especially after the falling wedge breakout,” Mane said.
Meanwhile, other crypto traders are focusing on shorter-term price actions amid the spot Ether ETF approvals.
“ETH is up more this week than the S&P 500 typically gives you in a year,” crypto commentator Benjamin Cowen said in a May 23 X post.
Crypto trader Matthew Hyland emphasized the importance of Ether holding support around $3,800 for continued momentum.
The price of Ether has remained relatively stable following the ETF approvals, likely because the news was already priced in and ETF trading has not yet begun.
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