Altcoins
Will ETH Price Reach $4,000 in June?
With a sudden jump in prices, Ethereum leads the next phase of an altcoin bull trend. With an ETH price increase of 2.30%, major altcoins and especially meme coins are showing a massive recovery today.
Intraday recovery action after a bearish phase reveals a potential entry opportunity for a trend reversal. With fringe traders ready to buy on the dip, the bull run can continue this week to recover lost levels.
Will the renewed recovery of the largest altcoin surpass the swing high of $3,872 for a new high of 52W above $4,000? Check ours Ethereum Price Prediction to find out if the bull run will reach $5,000 this year.
SEC closes investigation into Ethereum
The recent news that the SEC is officially closing the investigation into Ethereum sales of ETH as a commodity, triggers a bull run in the price of Ethereum and altcoins.
Following the news, ETH price surpasses $3,500 and sees a potential uptrend this week.
Ethereum price performance
After the bearish reversal from the $3800 mark, ETH price action converts the consolidation range into a lower high. The collapse took Ethereum to the $3500 level, with a rejection of the lower price portending a potential rebound.
Over the past 72 hours, ETH price action suggests a morning star pattern on the daily chart, with intraday growth of 2.30%. With a bullish candle complementing the morning star, the price action reveals a double bottom formation.
With a neckline at $3,615, the bullish reversal pattern can restore an uptrend with a breakout rally. Furthermore, the long-tail candles forming at the $3,500 levels reveal the underlying demand which strengthens the chances of an uptrend.
The wave of open interest anticipates the bull run
With an increase of 4.33% in the last 24 hours, Ethereum’s open interest across all exchanges exceeds $11 billion. Currently, OI stands at $11.55 billion, suggesting a positive outlook from market participants.
Furthermore, the financing rate at 0.00713483 reinforces the positive outlook and reveals that long-side traders are willing to pay short traders. Therefore, a bullish dominance is visible in the derivatives data.
Will ETH price surpass $4000?
With dovish derivatives, bullish price action, and the SEC closing its investigation into Ethereum, the altcoin is poised to take off. The neckline at the $3,615 breakout could fuel the next price increase to reach the $3,775 mark.
According to Fibonacci levels, ETH price could target the $4,303 level as its next target.