Ethereum
Will Ethereum’s Divine Candle Hit $5,000 With ETF Listing?
After a bullish weekend with a 1.75% jump and a morning star pattern, Ethereum price fails to maintain its momentum. With a higher price rejection after a high of $3,518, ETH price is back to $3,420.
The delay in the listing of the Ethereum ETF leads to an anxious market and causes some underlying weakness. Moreover, the risks of a reversal in the BTC price arise with the long wick candle and warn of a crash.
As expectations of a divine candle on Ethereum age, the chances of a reversal loom on the horizon. Ethereum Price Prediction Are the prospects of reaching $10,000 correct or will a correction delay the target? Let’s find out more in our detailed analysis below.
Ethereum Price Evolution
With a rejection from the $3,518 high, the daily candle reveals a long wick formation and ends the first candle of the month at $3,420. As the increase in supply leads to a failed breakout of the 50D EMA, ETH price is also struggling to break out of the accumulation phase.
Due to the retest of the second leg of the consolidation breakout, Ethereum prices may soon return to the ascending support trendline. Currently, ETH price is trading at $3,447 with a minimum growth of 0.26% in the early hours of the Asian market.
Supporting the bulls, the positive crossover in the MACD and Signal lines and the rising 200D EMA favor a bullish trend theory.
Will ETH Price Make a GOD Candle?
Market expectations for a divine candle on Ether are rising as ETF listings draw closer. However, the recent trend reversal suggests a longer wait. Additionally, in delaying the Ethereum ETF timeline, the SEC has commented on the S-1 forms and requested another round of filings by July 8.
As the SEC drags out the Ethereum ETF listing, some are arguing for delaying it until a bull market, while others are losing patience. Therefore, the chances of a GOD candle on Ethereum are possible at the listing or at the listing press release.
By breaking above the current high of $4,066, Ethereum price can create a new all-time high at levels above $5,000. According to Fibonacci levels, the $1.272-$5,581 level is a possible target, representing a 60% upside from the fiat price.