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ETH Trending for a Bullish Monthly Close

Written By: ChartChamp

May 31, 2024

ETH is looking good headed into today’s monthly candle close. The price action has been boring and neutral, but ETH has done a great job holding above the light blue zone. If ETH closes above $3,650 then there will be some bullish momentum headed into June. Historically June is one of ETH’s worst performing months so ETH needs as much bullish momentum as it can get. However, during Presidential election years ETH tends to perform well in June with +10%+ returns on average. Today the SEC may approve some more Ethereum ETFs, which could affect ETH’s price action.

ETH Bullish Monthly Candle Close

ETH is about to have a bullish monthly candle close above $3,500. ETH is likely to trend up to previous all time highs around $4,725 in order to form new highs.

ETH/BTC Potential 450% Bull Pennant Breakout in June

ETH has outperformed Bitcoin in May, and the spot Ethereum ETFs have played an important role in reviving ETH. On the ETH/BTC chart there is a bull pennant forming, and a bullish break above the red trendline could start a strong rally. The bull pennant gives a price target around 0.30, which implies that ETH could outperform BTC by 450% over the next few weeks and months. However, we need to see a bullish breakout before considering this target.

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