Following the bullish weekend of a 1.75% jump and a morning star pattern, Ethereum’s price fails to sustain the momentum. With a higher price rejection after a top at $3,518, the ETH price reverts to $3,420.
The delay in the Ethereum ETF listing leads to an anxious market and results in some underlying weakness. Further, the reversal chances in the BTC price arise with the long-wick candle and warn of a crash.
As the anticipations of a God Candle in Ethereum grow old, the reversal chances are looming over. Will the Ethereum price prediction of reaching $10,000 stand correct, or will a correction delay the target? Let’s find out more in our detailed analysis below.
With a rejection from the peak at $3,518, the daily candle reveals a long-wick formation and ends 1st candle of the month at $3,420. As the increased supply results in a failed breakout of the 50D EMA, the ETH price also struggles to break past the accumulation phase.
As the retest of the second stage of consolidation breakdown, Ethereum prices may soon revert to the ascending support trendline. Currently, the ETH price trades at $3,447 with minimal growth of 0.26% in the early Asian market hours.
Supporting the bulls, the positive crossover in the MACD and signal lines and the rising 200D EMA promote an uptrend theory.
The market anticipations for a God candle in Ether are rising as the ETF listings inch closer. However, the recent reversal warns of a longer wait. Further, delaying the Ethereum ETF timeline, the SEC commented on the S-1 forms and requested another round of submissions by July 8.
As the SEC drags the Ethereum ETF listing, some support the idea of delaying it until a bull market, while others are losing patience. Hence, the chances of a GOD candle in Ethereum are possible on the listing or on the news release of the listing.
Surpassing the present peak at $4,066, the Ethereum price can create a new all-time high at $5,000+ levels. As per the Fibonacci levels, the 1.272 level at $5,581 is a possible target, a 60% rise from the fiat price.
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