Ethereum
Will Ethereum’s long squeeze ahead of ETF launch propel ETH price above $4,000?
Crypto markets are exhibiting a mixed trend with both bulls and bears showing their strength at frequent intervals. While Bitcoin price fell below $59,000, Ethereum price plunged close to $3,200 but recovered slightly above $3,400. Prices have declined slightly below the levels but are showing the possibility of regaining the levels above $3,500 in the coming days. The current trading setup suggests that ETH Price is gearing up for a massive boom as the second largest token is about to go to the moon.
After breaking out of the triangle, the price of ETH climbed almost 30% but failed to surpass $4,000. Following a rejection, the token is stuck in a strong downtrend, forming consecutive highs and lows, displaying the increasing strength of the bears. The correction was canceled as the market expects positive fundamental leverage. Therefore, before the price increases, the token should test liquidity in the lower range.
ETH price is heading towards the lower support area again, which should trigger a nice bounce as before. The Ichimoku cloud was bullish but the levels are approaching a bearish crossover, suggesting that the price could undergo an extended downtrend and enter the support area between $3,284 and $3,324 before triggering the next bullish jump.
The second largest is currently stuck in the correction phase to gather potential before a possible growth on the trend with the aim of forming a new ATH. The main focus is on the ETH-ETF, which is rumored to go live in the first week of July and should be another positive signal for the crypto markets and the rising price of Ethereum (ETH). The token is seeing an increase in the number of active wallets and, as a result, traders are actively buying call options with a strike price of $4,000 and an expiration in September.
As the latest round of negotiations is underway between issuers and regulators, the price of Ethereum (ETH) is expected to see a further rise towards a new ATH in the latter part of the year.