Chart of the Day – Monday, May 20, 2024
5 months ago
1 MIN READ
Best daily return since Nov 2022!
The power of an ETF possibility… pic.twitter.com/vguyJcw1C4— conradseric, CMT, CAIA, CEFA (@conradseric) May 20, 2024
Today’s Chart of the Day was shared by Eric Conrads (@conradseric).
- The second-largest cryptocurrency, Ethereum ($ETHUSD), surged +19.25% today, marking its best day since May 2021.
- $ETHUSD blasted through a 10-week downtrend line as traders speculate that the SEC could approve a spot Ethereum ETF this week.
- It’s currently testing resistance at $3,700. Breaking above 3,700 would open the door to the March highs, around $4,050. Ethereum also looks poised to outperform Bitcoin in the near term.
The takeaway: Ethereum surged over +19% today, breaking a 10-week downtrend line. It looks ready to resume its uptrend and outperform Bitcoin in the near term.
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