Ethereum Price Surges as Market Anticipates ETF Listing, Will ETH Reach $10,000?
- Ethereum’s recovery rally shows a price jump in the last 48 hours, with $52M in short-side liquidations.
- The weekly chart reveals a failed double top formation.
- The increasing likelihood of an Ethereum ETF listing on July 15 could act as a catalyst for a bull run.
Ethereum’s recovery rally has gained momentum, with the price jumping in the last 48 hours, as Bitcoin sustains its position above the crucial $56,000 support level. The recent surge in ETH’s price, coupled with $52M in short-side liquidations, suggests that the bearish grip on the Ethereum price trend is loosening.
With the market anticipating a bull run in ETH, the hopes of a bullish rally to a new all-time high have resurfaced. This raises the question: Will the Ethereum price prediction of reaching $10,000 come to fruition, or will this crash lead to a revised market prediction?
Ethereum Price Performance Analysis
Boasting a market capitalization of $368 billion, Ethereum stands tall as the largest altcoin and the second-biggest cryptocurrency, second only to Bitcoin.
The weekly chart reveals an interesting price action for Ethereum, with a failed double top formation and a neckline at $2,844, which coincides with the 50% Fibonacci retracement level.
The broader cryptocurrency market recovery teases the possibility of a massive jump in the altcoin segment. Moreover, with the increasing likelihood of an Ethereum ETF listing this month, as per Bloomberg analyst James Seyffart, the ETH price is poised for a significant boost in the coming weeks.
Also want to add. I have fairly low confidence in those launch date predictions at this point. Theres no deadline & SEC's Corp Fin is taking their time here (I dont blame them). But these changes were very minimal and idk why the ETFs wouldn't be ready to go within a couple weeks
— James Seyffart (@JSeyff) July 3, 2024
As the anticipation of a broader market recovery grows stronger, ETH’s price is on the verge of a substantial recovery. The increasing likelihood of an ETH ETF getting listed on July 15 could further fuel the upcycle, providing additional momentum to the bull run.
As the market anticipates a bull run in Ethereum, the question of whether ETH will reach the coveted $10,000 mark remains at the forefront of investors’ minds.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Share link:In this post: Ethereum’s spot ETF launch didn’t cause the market to explode, with inflows of $107 million on the first day. Ether is currently trading below key moving averages, indicating short-term bearish momentum despite a long-term bullish outlook. Analysts remain bullish, expecting Ethereum to break all-time highs with sustained institutional interest.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the infor
