Ethereum
Ethereum Price Hits $3,300, Eyes on $4,000 This Week?
The cryptocurrency market has seen a strong price rally over the past weekend. This has helped Ethereum price reclaim the $3,300 mark. Moreover, with the increased bullish sentiment, ETH price is likely to see some positive action this week.
Moreover, with the recent market rally, the Ethereum token market cap has crossed the $400 billion mark and is currently valued at $404.72 billion. In this context, investors are worried about whether Ethereum will reach $5,000 and whether ETH will rise again.
Scroll down because in this article, we have covered the market sentiment, price analysis, and possible short-term price targets of ETH price. To know if the Ethereum token will hit $10,000 in this bull rally, read CoinPedia’s detailed analysis on the Ethereum Price Prediction.
ETH coin price evolution:
Ethereum price started the week on a positive note by adding 5.67% to its portfolio over the past two days. Additionally, the altcoin recorded 5 out of 7 positive days over the past week, highlighting increased buying pressure.
TradingView: ETH/USDT
Additionally, with the continued bullish price action in the crypto space, the ETH Price is about to test its descending channel pattern resistance trendline, the outcome of which is unpredictable.
With a jump of around 5% over the past day, the Ethereum token has regained the $3,300 mark. Moreover, the altcoin leader has surged by 11.76% over the past seven days, indicating an increase in bullish sentiment within the cryptocurrency market.
Ethereum Market Sentiments:
The Relative Strength Index (RSI) has crossed above its midpoint and is heading towards its overbought zone. This indicates a strong bullish reversal in the crypto space. Moreover, the average trendline is showing a positive curve, suggesting that the ETH price will continue to gain value this week.
The MACD indicator is showing a steady rise in the green histogram, highlighting an increase in buying pressure. Moreover, the averages have registered a bullish convergence, indicating a positive outlook for the altcoin leader in the crypto space.
Will ETH Price Hit $4,000 in July?
If Ethereum price breaks out from its channel pattern resistance trendline, the bulls will gear up to test its upper resistance level of $3,700. Sustaining the price at this level will pave the way for the ETH cryptocurrency to head towards its higher high of $4,000 in the coming time.
Conversely, a bearish trend reversal could push Ethereum price towards its July low of $3,000.