Altcoins
Ethereum’s Recovery After Crash Predicts 50% Surge in Q3 2024
Ethereum recovery rally shows a 4.87% price jump in the last 48 hours as Bitcoin price holds above the $56,000 support level. With $52 million in short-side liquidations, the bearish grip is loosening on the ETH price trend.
With the market anticipating a bull run in Ethereum, hopes of a bullish rally to a new all-time high are resurfacing. Hence, the Ethereum Price Prediction Will the $10,000 mark be true, or will this crash lead to a revision of market forecasts?
Ethereum Price Trend
With a market capitalization of $368 billion, Ethereum is the largest altcoin and one of the largest cryptocurrencies, second only to Bitcoin. Currently, a single ETH Token is trading at $3,063 with a daily gain of 1.42% after an overnight jump of 2.99%.
On the weekly chart, ETH price action reveals a failed double top formation with a neckline at $2,844 or the 50% Fibonacci retracement level. Lower price rejections and a quick recovery tease a tectonic level shift in sentiment.
Despite last week’s 14% decline, the gradual recovery could restore the prevailing bullish trend.
Technical indicator:
RSI: The weekly RSI line drops below the midway line during the recent pullback phase. However, the inverse divergence on the last two dips to $2,844 teases a continuation of the uptrend.
MACD: The negative crossover in the MACD and signal lines on the weekly chart fuels the bearish histograms in play.
Ethereum ETF Price: The Catalyst of the Bull Run
The broader recovery in the cryptocurrency market foreshadows a huge jump in the altcoin segment. Furthermore, with the growing likelihood of Ethereum ETFs According to Bloomberg analyst James Seyffart, with this month’s listing, the price of ETH is set to increase in the coming weeks.
Will ETH Price Reach $3,500?
With broader market recovery expectations gaining strength, Ethereum price is on the verge of a massive recovery. Furthermore, with the growing likelihood of an Ethereum ETF listing on June 15, the upside cycle could gain momentum.
Based on Fibonacci levels, the uptrend could challenge the $3,858 mark or the 78.60% level. Optimistically, the bull run with the ETF listing could rise to $4,617.
A breakout of the rally could send Ethereum down another 10%, hitting the $2,616 level.
Read also: Are Top 5 Cryptocurrencies Ready for a Bullish Rally?