Crypto Mining News Daily

Saturday, July 13, 2024
HomeAnalysisEthereum Price Could Soar as Spot ETFs Imminent, But Will It Reach...

Ethereum Price Could Soar as Spot ETFs Imminent, But Will It Reach $3,000 First?

-

As the launch of Spot Ethereum ETFs draws near, the price of Ethereum (ETH) is experiencing a surge in anticipation. With Gary Gensler, chairman of the SEC, confirming that the approved ETFs will begin trading this summer, investors are eagerly awaiting the potential impact on the cryptocurrency’s value.

In the short term, the ETH price has shown bullish signs, with a W pattern forming on the 4-hour chart and a potential breakout of the downward-sloping trend line. A measured move could take the price back to $3,800, a level not seen since the beginning of the year.

However, some analysts are predicting a possible correction to $3,000, a level that has provided support in the past. The daily time frame shows that if the price breaks down, it could potentially retest the 0.618 fibonacci level, and even as far back as the 0.786 at around $3,000.

The weekly chart provides a clearer perspective, with fibonacci levels aligning perfectly with support levels at $3,300 and $3,000. Looking back at previous price action, the 0.786 fibonacci level lines up with support at $3,000, which could form a higher low and potentially the last leg of a huge W pattern. This correction could lead to a measured move to a new high of $5,000.

On the other hand, drawing fibonacci levels for the entire ETH move since the beginning of the bull market shows that the correction from mid-March to the end of April based beautifully on the 0.382 fibonacci. It’s unlikely that the price will go below this level now.

As the launch of Spot ETFs draws near, investors are eagerly awaiting the potential impact on the ETH price. Will it reach $3,000 first, or will the price soar to new heights? Only time will tell.

Source: Cryptodaily

LATEST POSTS

Most Popular

Learn How to Mine Crypto

Join our mailing list and receive a free copy of Crypto Mining 101, our detailed guide on how crypto mining works, must have tools to get started, and how to be successful.

Note: We’ll never sell, trade, or abuse your information, and it’s simple to opt out! Read our Privacy Policy here.