Altcoins
Impact of ETH ETF Launch on Ethereum and Altcoins
With the Ethereum ETF begins trading todayThe broader market is predicting a bull run for Ethereum and altcoins. Despite a recent 2.69% drop in ETH price, the hype is subdued and warns of a potential slow start.
However, a potential positive inflow and early enthusiasm could push Ethereum and altcoins higher this week. So, let’s take a closer look at the price analysis of Ethereum and other major altcoins that are likely to rally this week.
Ethereum Crashes Ahead of ETF Launch: Will ETH Surpass $4K?
With a bearish Monday, Ethereal starts the week with a 2.69% decline and tests the 50-day EMA. In the short term, the sideways move above the dynamic support presses the pause button on the 20% recovery rally from $2,880.
Despite the bullish struggle to reach the resistance trend line above, Ethereum ETF trading today could push prices higher. MACD signal lines are losing the gap and warning of a bearish crossover.
Considering that the bull run is picking up pace, ETH price could break above the overhead trend line and the 50% trend-based Fib level at $4,141. Optimistically, the bull run could reach $5,402 by the end of this week if the ETF net flow remains positive.
Solana’s Struggle at $190 Heralds Price Drop
With a double bottom reversal from $128, the Price SOL is up 37%, including a 4.70% decline from the $185 peak. The recovery rally in SOL price teases an inverted head and shoulders with the neckline at $188.
A potential break of the $190 peak will unleash the trapped momentum for a push to $250. With the Ethereum ETF starting to trade today, the bull run in Solana could gain momentum as the SOL ETF is the next likely altcoin ETF.
Therefore, in the coming weeks, Solana is likely to reach the $346 level or the Fibonacci level of 2.618.
Dogecoin (DOGE)
With a breakout of the bearish channel, the DOGE Price has broken above the EMA 50D and 200D combined. Furthermore, the recovery rally represents a 27% increase in the last 12 days. Currently, the meme coin is retesting the broken trend line and dynamic supports.
With a post-retest rally fueled by a broader market recovery, the meme coin could challenge the trend-based 50% Fib level at $0.1589. A potential golden crossover will fuel the breakout rally to reach the $0.24 mark in the coming weeks.
See also: Is the Bull Run Beginning? Key Signs Point to Crypto Surge