ETH Price To Hit $4K or Correction To $3.3K Inbound Post Ethereum ETF Launch?

The cryptocurrency market has recorded a jump of approximately 1% within the past 24 hours. Moreover, it is currently valued at over $2.47 Trillion, with top tokens such as Bitcoin and Ethereum breaking out of their important resistance levels.

Further, with the launch of Ethereum ETF tomorrow, ETH-based altcoins have recorded a sharp rise in their price action. With questions like “Will ETH price hit $5K?” and “ How high will Ethereum price reach following Ethereum ETF launch?”, the crypto space is entering into a “FOMO” like situation.

Are you planning on investing in the largest altcoin before the listing? Dive in as in today’s crypto market analysis article, we have covered the market sentiments and potential price targets for the Ethereum token.

ETH Coin Price Records Increased Price Volatility:

Despite recording a drop of approximately 1% within the past 24 hours, the ETH price has jumped 3.46% over the last seven days. Further, it has jumped from $2,272.92 to $3,467.55, a jump of $1,194.64 (52.56%) this year alone.

Furthermore, it has formed an ascending channel pattern in the 1D time frame and has been constantly trading within it since the start of July. presently, it is headed toward its support trendline and is expected to test it in the coming time considering the current market sentiments.

Ethereum Market Sentiments:

The technical indicator, MACD, has displayed a constant green histogram with its averages constantly showing an uptrend in the price chart. This highlights increased bullish sentiment for the ETH crypto.

The Relative Strength Index (RSI) has recorded a strong bearish curve below the overbought range. Further, its average trendline hints at a potential bearish convergence, suggesting a mixed sentiment in the crypto space.

Ethereum ETF Launch:

Since the Ethereum ETF approval, the ETH price has displayed increased price volatility, indicating increased buying-and-selling pressure in the crypto space.

Further, with the listing of ETH ETF hours away, the altcoin leader Ethereum token is on the verge of entering into a new phase of the crypto bull rally. Notably, the Ethereum ETF listing is scheduled for 23rd July at 06:00 AM (ET).

What Is The Price Prediction For Ethereum ETF?

If the market continues to trade under a bullish sentiment, the Ethereum coin price will prepare to test its resistance level of $3,00 within this week.

Further, if the bulls hold the positive momentum, the altcoin leader will head toward its upper resistance level of $4,000 during the upcoming weeks.

Is ETH Price Expected To Drop More?

Conversely, an increase in the selling pressure could result in the ETH crypto price breaking down its ascending channel pattern. With this, this altcoin could prepare to test its important support level of $3,300 in the coming time.