Ethereum
Ethereum’s recovery from crash points to 50% surge in Q3 2024
Ethereum’s recovery rally shows a 4.87% price gain over the past 48 hours as Bitcoin price holds above the $56,000 support level. With $52 million in short liquidations, the bearish grip on the ETH price trend is loosening.
As the market anticipates a rise in Ethereum, hopes of a bull rally to a new all-time high are resurfacing. Ethereum Price Prediction Will the assumption that $10,000 could reach this level be true, or will this crash cause a revision of market forecasts?
Ethereum Price Evolution
With a market cap of $368 billion, Ethereum is the largest altcoin and one of the largest cryptocurrencies, second only to Bitcoin. Currently, only one ETH token is trading at $3,063 with an intraday gain of 1.42% after the overnight jump of 2.99%.
On the weekly chart, ETH price action reveals a failed double top formation with a neckline at $2,844 or the 50% Fibonacci retracement level. Lower price rejections and a quick recovery suggest a tectonic shift in sentiment.
Despite last week’s 14% drop, the gradual recovery could restore the current uptrend.
Technical indicator:
RSI: The weekly RSI line is falling below the midline during the recent pullback phase. However, the inverse divergence during the last two lows at $2,844 suggests a continuation of the uptrend.
MACD: The negative crossover in the MACD and signal lines in the weekly chart is fueling bearish histograms in play.
Ethereum ETF Listing: The Catalyst for the Rise
The broader recovery in the cryptocurrency market suggests a massive jump in the altcoin segment. Moreover, with the increasing likelihood of the Ethereum ETF listed this month, according to Bloomberg analyst James Seyffart, the price of ETH is expected to increase in the coming weeks.
Will ETH Price Reach $3,500?
With market recovery expectations building, Ethereum price is poised for a massive rally. Moreover, with the increasing likelihood of the Ethereum ETF listing on June 15, the bull cycle could gain momentum.
According to the Fibonacci levels, the uptrend could challenge the $3,858 mark or the 78.60% level. On the optimistic side, the upside with the ETF listing could climb to $4,617.
A breakout of the rally could send Ethereum down another 10% to the $2,616 level.
Read also: Are the Top 5 Cryptocurrencies Poised for a Bullish Rally?