Last night, Ethereum outperformed Bitcoin, with its price surging by 7.38% and forming a strong bullish engulfing candle that pushed it above $3,400.
Additionally, the SEC has remained silent on the recent S-1 submission, with final versions expected by Wednesday. As the recovery rally gains momentum, Ethereum’s trend appears to be reversing. This raises the question; will Ethereum’s price prediction of reaching $10,000 hold true?
Ethereum Price Rally and Key Technical Indicators
With Ethereum’s market capitalization surpassing $400 billion, the ETH price has made a rounding bottom reversal. As Ether reclaims the $3,000 mark, the rally from $2,880 continues, showing a series of bullish candles.
Ethereum performance. Source: Tradingview
The price has now surpassed the broken support trendline and is aiming for a target of $3,500, which is a crucial supply level due to its role as the neckline for the rounding bottom pattern.
After a significant 7.38% increase last night, ETH experienced a minor 1.10% dip today and is currently trading at $3,447. Despite this brief drop, the rally could regain momentum later in the day.
Technical indicators support the bullish outlook: the RSI has risen above the halfway mark, nearing the overbought zone, reflecting increased demand. Additionally, the MACD’s bullish crossover on the daily chart reinforces the uptrend.
Ethereum ETF Listing and Bullish Price Predictions
As the Ethereum ETF listing approaches, the broader market sentiment is growing increasingly optimistic, anticipating a bull run in ETH prices. Given the current bullish indicators, the ETH price is expected to break above the $3,500 level.
Once ETH surpasses $3,500, trend-based Fibonacci levels suggest the next target prices could be $4,141 and $5,402.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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