Ethereum (ETH) Prepares for New ATH After Market Crash (Analysts)

TL;DR

• Ethereum briefly fell below $3,000 but has since recovered, with bullish forecasts targeting prices as high as $8,000.
• Optimism is partly fueled by the potential launch of ETH spot ETFs in the United States, expected by some industry players as early as mid-July.

The next target

The decline of the cryptocurrency market witness The end of last week and the beginning of the news had a negative impact on the price of Ethereum (ETH), which briefly fell below the $3,000 mark. In the last 24 hours, however, the bulls stepped in, pushing the valuation above this level.

Many crypto enthusiasts seem unfazed by the latest crash, predicting a sharp rise in ETH in the near future. Lucky, an X user with over 2 million followers,describe The asset’s drop below $3,000 is “a natural gift.” However, he warned investors to keep an eye on the sector in the coming days before making “big moves.”

Crypto Mikybull believes ETH price has “completed its retest on the bullish pattern breakout,” expecting a surge as high as $4,000.

McKenna and Poseidon were even more optimistic. The former together $5,000 goal, while the latter foreseen a new high of up to $8,000 will be reached next year.

A major factor that could trigger upward momentum is the possible official launch of Ethereum spot ETFs in the United States. Recall that the US Securities and Exchange Commission (SEC) approved eight of these products, but they are not yet online. According to Bloomberg Eric BalchunasJuly 18th seems to be the “best guess” for a launch date.

Previous Predictions

X users Captain Faibik and Crypto Tony were among those who discussed ETH’s price trajectory during the market correction. The former recommended buying the dip, predicting that the asset will “bounce back.”

Crypto Tony suggested that everything would be under control as long as the bulls held the important resistance level of $3,270. However, ETH has fallen well below this mark, currently trading below $3,100 (according to data from CoinGecko).

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