Ethereum Aims for $5000 as Market Awaits ETF Approval

Ethereum’s price is consolidating within a broader bullish market structure—a bull flag. Investors are closely monitoring the moment Ethereum’s price decides to surge, as missing this move could result in a potential 30% gain slipping away. Meanwhile, Bitcoin adoption continues to soar as BTC aims to break past its previous all-time high.

During European trading hours on Friday, ETH was trading around $3,811, marking a 1.3% decline over the past 24 hours but a 1.4% increase over the week.

Ethereum’s price has been trapped in the current consolidation zone for the past eight days. However, this chart pattern is part of a previously formed bull flag, suggesting significant potential gains if a breakout occurs. Ethereum’s price is trending above the 50-day and 200-day simple moving averages (SMA), indicating bullish sentiment among investors.