Altcoins
Will ETH Price Hit $4,000 or Is a Correction to $3,300 Expected After Ethereum ETF Launch?
The cryptocurrency market has seen a jump of about 1% in the last 24 hours. Furthermore, it is currently valued at over $2.47 trillion, with leading tokens such as Bitcoin and Ethereum breaking above their important resistance levels.
Furthermore, with the launch of the Ethereum ETF tomorrow, ETH-based altcoins have seen a sharp increase in their price. With questions like “Will ETH price hit $5,000?” and “How much will it go up Ethereum Price reach after the launch of the Ethereum ETF?”, the crypto space is entering a “FOMO”-like situation.
Thinking of investing in the largest altcoin before it goes public? Dive into today’s cryptocurrency market analysis article, we’ve covered market sentiment and potential price targets for the Ethereum token.
ETH coin prices see increased price volatility:
Despite having dropped by around 1% in the last 24 hours, the ETH Price has jumped 3.46% over the past seven days. It has also jumped from $2,272.92 to $3,467.55, a jump of $1,194.64 (52.56%) this year alone.
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Furthermore, it has formed an ascending channel pattern in the 1D time frame and has been moving steadily within it since early July. It is currently moving towards its support trend line and is expected to test it in the near future, considering the current market sentiments.
Ethereum Market Sentiments:
The technical indicator, MACD, has shown a steady green histogram with its averages consistently showing an uptrend in the price chart. This highlights a growing bullish sentiment for the cryptocurrency ETH.
The Relative Strength Index (RSI) has recorded a strong bearish curve below the overbought range. Furthermore, its average trendline suggests a potential bearish convergence, suggesting mixed sentiment in the cryptocurrency space.
Ethereum ETF Launch:
Following the approval of the Ethereum ETF, the price of ETH has shown increased volatility, indicating increased buying and selling pressure in the cryptocurrency sector.
Furthermore, with the ETH ETF listing just hours away, the leading altcoin token Ethereum is poised to enter a new phase of the cryptocurrency bull rally. Specifically, the Ethereum ETF listing is scheduled for July 23 at 06:00 AM (ET).
What is the price prediction for Ethereum ETF?
If the market continues to move in a bullish mood, the price of Ethereum coin will prepare to test its resistance level of $3.00 within this week.
Furthermore, if the bulls maintain this positive momentum, the altcoin leader will head towards its upper resistance level of $4,000 over the next few weeks.
Is ETH price expected to drop further?
On the contrary, an increase in selling pressure could lead the price of the ETH cryptocurrency to break its ascending channel pattern. With this, this altcoin could prepare to test its important support level of $3,300 in the near future.