Ethereum recovery rally shows a 4.87% price jump in the last 48 hours, as the Bitcoin price sustains above the $56,000 support level. With $52M in short-side liquidations, the bearish grip is loosening over the ETH price trend.
With the market anticipating a bull run in the Ethereum, the hopes of a bullish rally to a new all-time high resurfaces. So, will the Ethereum price prediction of reaching $10,000 be true, or will this crash lead to a revised market prediction?
With a market cap of $368 Billion, Ethereum stands as the biggest altcoin and one of the biggest crypto, second only to Bitcoin. Currently, a single ETH token trades at $3,063 with an intraday gain of 1.42% following the overnight jump of 2.99%.
In the weekly chart, the ETH price action reveals a failed double top formation with a neckline at $2,844 or the 50% Fibonacci retracement level. The lower price rejections and the quick recovery tease a tectonic-level shift in sentiment.
Despite the 14% drop last week, the gradual recovery could reinstate the prevailing uptrend in motion.
Technical Indicator:
RSI: The weekly RSI line drops under the halfway line during the recent pullback phase. However, the reverse divergence in the last two dips at $2,844 teases an uptrend continuation.
MACD: The negative crossover in the MACD and signal lines in the weekly chart fuels the bearish histograms at play.
The broader crypto market recovery teases a massive jump in the altcoins segment. Further, with the increasing likelihood of the Ethereum ETF listing this month, per Bloomberg analyst James Seyffart, the ETH price is bound to boost in the coming weeks.
With the broader market recovery anticipations getting stronger, the Ethereum price is on the verge of a massive recovery. Further, with the increasing likelihood of the Ethereum ETF getting a listing on June 15, the upcycle could gain momentum.
As per the Fibonacci levels, the uptrend could challenge the $3,858 mark or the 78.60% level. Optimistically, the bull run with the ETF listing could surge to $4,617.
A break rally could put down Ethereum by an additional 10% drop to hit the $2,616 level.
Read Also: Are The Top 5 Cryptocurrencies Ready For A Bull Rally?
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