Ethereum Price Prediction: Will ETH Price Hit $4,000 In June?

With a sudden price jump, Ethereum spearheads the next phase of an uptrend in the altcoins. As the ETH price jumps by 2.30%, the top altcoins and especially meme coins display massive recovery today. 

The intraday recovery action after a bearish patch reveals a potential trend reversal entry opportunity. With sideline traders ready to buy the dip, the bull run can continue this week to reclaim lost levels. 

Will the biggest altcoin’s renewed recovery surpass the swing high at $3,872 for a new 52W high above $4,000? Check our Ethereum price prediction to find out if the bull run will hit $5,000 this year.

SEC Closes Ethereum Investigation

The recent news that the SEC is officially closing the Ethereum investigation into the sales of ETH as a commodity sparks a bull run in the price of Ethereum and altcoins. 

Following the news, the ETH price crosses above $3,500 and projects a potential uptrend this week. 

Ethereum Price Performance

Following the bearish reversal from the $3800 mark, the ETH price trend converts the consolidation range into a lower high. The downfall drop Ethereum to $3500 level with lower price rejection teasing a potential bounce back.

In the last 72 hours, the ETH price action teases a morning star pattern in the daily chart, with an intraday growth of 2.30%. With a bullish candle completing the morning star, the price action reveals a double-bottom formation. 

With a neckline at $3,615, the bullish reversal pattern can reinstate an uptrend with a breakout rally. Further, the long-tail candles forming at the $3,500 levels uncover the underlying demand bolstering uptrend chances. 

Open Interest Surge Teases Bull Run

With a 4.33% surge in the last 24 hours, Ethereum’s open interest over all the exchanges surpasses $11 billion. Currently, the OI stands at $11.55 billion, suggesting a positive outlook from the market participants.

Further, the funding rate at 0.00713483 bolsters the positive outlook and reveals long-side traders willing to pay short traders. Thus, a bullish dominance is visible in the derivatives data. 

Will The ETH Price Cross $4000?

With dovish derivatives, bullish price action and the SEC closing Ethereum’s investigation, the altcoin is ready to take off. The neckline at $3,615 breakout could fuel the next price surge to hit the $3,775 mark.

As per the Fibonacci levels, the ETH price could aim for the $4,303 level as the next target.