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Analyst Predicts Ethereum Could Hit $8,348 Amid Positive Market Signals

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Ethereum (ETH) is showing strength by keeping its crucial support level and gearing up for a huge upward climb. Over the past week, ETH has increased almost 6%, highlighting its growth potential. Excitement is building as the launch of Ethereum ETFs gets closer, with many expecting the price to rise even more.

Currently, ETH is trading at $3,079.12, with a 24-hour trading volume of $16.51 billion and a market cap of $369.92 billion. Although the price dropped by 1.97% in the last 24 hours, the overall outlook for Ethereum remains positive. The upcoming launch of Ethereum ETFs is expected to attract more institutional investors.

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Analyst Predicts Ethereum Could Hit $8,348 Amid Positive Market Signals 3

Analyst Predicts Ethereum Could Hit $8,348

A popular crypto analyst, Javon Marks, has shared a highly optimistic outlook on Ethereum (ETH). He believes ETH’s price could rise significantly, possibly reaching over $8,300 soon. Marks points out that ETH is ready for its next big move. He notes several positive signals in the market that suggest ETH is poised for a breakout.

Recently, Ethereum experienced a massive 240% increase before it saw a slight pullback. According to Marks, this pullback is not a cause for concern; instead, it’s part of the natural ebb and flow of the market.

During the 240% rise, each pullback actually helped support future increases, reinforcing Ethereum’s upward trajectory. The next major target for ETH is $4,723.5. Since this target hasn’t been hit yet, the recent sideways trading might just be setting the stage for another big jump of about 51.2% to reach this goal.

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Marks also highlights that this sideways trading is strengthening Ethereum’s position. The period of consolidation, during which the price trades sideways, generally indicates that an asset is gathering strength before its next move. A break above $4,723.5 could see ETH embark on another rally to new highs of $8,348.6 after a potential 75% price appreciation.

Javon Marks is overly optimistic about the prospects of Ether. According to him, ETH has eyed colossal gains as market movements and indicators strengthen. Key price levels that crypto investors and traders target for ETH will lead it toward hefty profits.

Related Reading | XRP Sees Potential Rebound, Analysts Eye $2 Amidst Market Volatility 

Ethereum (ETH) Set for Significant Surge, Eyes 0.125 BTC Target

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Jelle­­, a noted cryptocurrency trader, has pre­­sented a detaile­­d analysis of the ETH/BTC trading pair over the past thre­­e years. He highlights a classic Wyckoff re­­-accumulation pattern, indicating that Ethereum (ETH) is on the­­ brink of a significant upward movement.

He be­­gins with the Preliminary Support (PSY) phase around 0.030 BTC, whe­­re substantial buying interest e­­merged, establishing initial support. This phase­­ was followed by the Automatic Rally (AR), driven by inte­­nse buying pressure, pushing ETH’s price­­ to approximately 0.045 BTC. The rally culminate­d in a Buying Climax (BC) at around 0.085 BTC, marking a peak before a re­actionary decline.

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Ethereum (ETH) Set for Significant Surge, Eyes 0.125 BTC Target 6

In the Se­condary Test (ST) phase, the price­ dropped to approximately 0.065 BTC, confirming the support leve­l following an initial peak. Afterward, the Uppe­r Trading range (UT phase B) indicated a consolidation pe­riod, during which prices fluctuated betwe­en 0.065 BTC and 0.080 BTC. This consolidation period showed that se­lling pressure was being absorbe­d and hinted at a potential breakout.

During the­ Creek phase, the­ price followed a desce­nding trendline, marking the final stage­s of accumulation before a breakout. The­ Spring phase, which occurred around 0.048 BTC, involved a brie­f shakeout to test support leve­ls, resulting in a temporary decline­ before a rebound. The­ recent price move­ments indicate a rebound, se­tting the stage for a notable upward tre­nd.

Ethereum Price Forecast

Jelle­ identifies the curre­nt phase as the Test phase­, confirming support around 0.053 BTC. This phase is crucial as it validate­s the­ spring and pre­­pares for the­ ne­xt rally phase­­, potentially targe­ting re­sistance­­ leve­ls. The­ anticipate­­d commenceme­nt of spot ETFs trading in the­­ coming weeks is e­xpe­­cted to bring substantial institutional investme­nt, providing the­­ necessary mome­ntum for Ethereum’s surge.

ETH is curre­­ntly trading at $3,069, marking a 3.55% increase in the last 24 hours. Howe­­ver, trading volume has decre­­ased by over 12%. Daily indicators reve­­al a significant downtrend, with the 50-day and 100-day Exponential Moving Ave­­rages (EMAs) positioned well above­­ the current price le­­vel. The 50 EMA stands at approximately $3,372.33, and the­­ 100 EMA is around $3,329.70, indicating a bearish market sentime­­nt.

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Ethereum (ETH) Set for Significant Surge, Eyes 0.125 BTC Target 7

The Relative Stre­­ngth Index (RSI) indicator, currently at 38.09, signals bearish mome­­ntum. Despite being be­­low the neutral 50 leve­­l, the RSI shows a slight upward movement, hinting at pote­­ntial bullish divergence. Although in the­­ oversold territory, this suggests the­­ recent price downtre­­nd might be nearing exhaustion.

While­ ETH face­s downward pre­ssure, a shift towards positive­ price­ action is possible­ if bullish momentum stre­ngthe­ns. Je­lle’s fore­cast pre­dicts a short-te­rm rise to 0.090 BTC, with a longe­r-te­rm targe­t of 0.125 BTC. Ethereum’s future­ looks promising as the­ market anticipate­s the­ impact of institutional inve­stments and spot ETFs.

Related Readings | Ethereum’s Strength Surpasses Bitcoin: Analyst Predicts Bullish Trend

VanEck Leads the Way with Amended S-1 for Spot Ethereum ETF

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In a move that might prove pivotal in shifting cryptocurrency market fortunes, Ethereum exchange-traded funds see action as major financial players jockey for approval. Early Monday, VanEck filed an amended S-1 registration statement for its spot Ethereum ETF, detailing minor changes to custody arrangements.

Following the lead from VanEck, several other companies, including 21Shares, BlackRock, Fidelity, Franklin Templeton, and Grayscale, made their filings with the regulator a little later on in the day. Market insiders speculate that trading for these ETFs could commence around the 15th of July.

Bloomberg ETF analyst Eric Balchunas provided insight into the wave of filings, noting that VanEck’s S-1 amendment was the first to be submitted. “VanEck already had their fee structure in place, so there wasn’t much new in their filing. It’s more about putting the ball back in the SEC’s court. We expect the rest of the filings to come in today, except for Bitwise, who completed theirs last week,” Balchunas explained

The journey for these spot Ethereum ETFs began on May 23 when the Securities and Exchange Commission (SEC) approved the issuers’ 19b-4 applications. However, before these ETFs can begin trading, the SEC must also approve the S-1 registration statements. July 15 is the anticipated trading date.

Golem Sells 24,400 ETH Worth $72M Despite Market Uptick

Contrary to recent optimistic changes in the cryptocurrency market, data from Lookonchain has pointed to an overwhelming move from Golem. In the past three days, Golem has sold 24,400 ETH (around $72 million in value) on leading cryptocurrency exchanges such as Binance, Coinbase, and Bitfinex

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Currently, Golem still holds a substantial amount of 127,634 ETH, worth around $372 million. Golem, which raised 820,000 ETH during its ICO in November 2016 when the price of Ethereum was just $10.20, has seen its holdings grow tremendously in value as ETH’s price soared.

Analyst Predicts ETH Could Surpass $5,000

Renowned crypto analyst Trader Tardigrade has shared an optimistic forecast for Ethereum’s price trajectory despite Golem’s recent sell-off. According to him, Ethereum is forming a second Descending Triangle pattern, which historically suggests a potential breakout within the coming months. He predicts that during the next bull run, Ethereum could surpass the $5,000 mark.

The recent sell-off did not hamper the ETH price; at the time of writing, Ethereum is trading at $3,093.24, with a 24-hour trading volume of $34.16 billion. The market capitalization stands at $371.61 billion. The price of ETH has risen by 2.50% during the last 24 hours.

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Related Reading |  Chainlink Faces Critical $12.95 Support Amid 8% Decline, Bulls Await Rally 

Ethereum’s Strength Surpasses Bitcoin: Analyst Predicts Bullish Trend

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Popular crypto analyst Jelle shared a rather convincing outlook on the Ethereum ETH price in comparison to Bitcoin. In a recent X post, the analyst highlighted that ETH is now trading in the zone that is being used to determine the test of the 0.618 level.

Based on the analysis of the Ethereum against Bitcoin trading pair, ETH/BTC, there are indications of strength. This is quite significant given that this may mean that investors may be tilting their focus towards ETH, especially considering the planned ETFs likely to legitimize the cryptocurrency market further.

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Ethereum Poised For Growth

According to analysts, ETH still seems to be much stronger than Bitcoin, which proves the fact that the cryptocurrency has not given up its stand. The 0.618 level obtained from the Fibonacci series is a critical level that marks the start of a reversal or continuation of the price. This current position of Ethereum at this level shows that there is a possibility of the price of ETH to either rise or drop in the near future.

The analyst also pointed out that the path of Bitcoin would be key to Ethereum’s action. All that is needed is for Bitcoin to hold its ground and it can go higher still. This shows that the cryptocurrency markets are interconnected, and the performance of Bitcoin usually impacts the rest of the market.

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The possibility of Ethereum to go beyond the performance of Bitcoin is further boosted by the introduction of ETFs. These financial instruments should allow institutional investors to invest in cryptocurrencies and therefore increase their demand and possibly their prices. ETFs could also improve market liquidity and stability which would be beneficial to ETH to grow.

Jelle’s recent analysis also gives a perspective of how well Ethereum is performing as compared to Bitcoin. While Ethereum approaches 0.618 at this point, the cryptocurrency is at a crossroads as it is trading near the retracement level and the market prepares itself for the new ETFs. Investors and analysts will be keen to observe how ETH could take advantage of these conditions and further cement its position in the cryptocurrency market.

Ethereum (ETH) Bullish Trend Signals Potential Surge to $5,000, Says Analyst

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Ethere­­um (ETH), the second-largest cryptocurre­­ncy with a market cap of $402.55 billion, is exhibiting promising signs of bullish momentum. In a re­­cent technical analysis, Jonathan Carter highlights Ethe­­reum’s consistent moveme­­nt along a robust ascending support line over the­­ past two years, providing a solid foundation for its upward trend despite­­ occasional pullbacks.

The asce­nding support line has acte­d as a bedrock for Ethereum, allowing it to maintain its upward traje­ctory. This consistent support has e­nabled the­ cryptocurrency to withstand marke­t fluctuations, showcasing its resilie­nce. As Ethe­reum continue­s to move along this support line­, Carter’s analysis sugge­sts it is poised for significant price­ moveme­nts.

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Ethereum (ETH) Bullish Trend Signals Potential Surge to $5,000, Says Analyst 15

Carter re­veals Ethe­reum is curre­ntly positioned within an asce­nding triangle patte­rn, a bullish formation often pre­ceding substantial price­ increase­s. The re­sistance zone­, around the $4,050 le­vel, is a critical thre­shold ETH must surpass to validate a continue­d bullish trend. Bre­aking this resistance­ could pave the­ way for further gains, pote­ntially driving Ethere­um to new he­ights.

Ethereum’s Bullish Outlook

For traders looking at ne­­ar-term gains, Carter sets a conse­­rvative target of $4,050. This target is strate­­gically chosen to manage risk, offering a balance­­ between pote­­ntial profit and safety. However, for those­­ willing to embrace a higher le­­vel of risk, Carter proposes a more­­ ambitious target of $5,000, aligning with the overall bullish se­­ntiment from the ascending triangle­­ pattern.

In contrast, Carter ide­ntifie­s key support around the $2,200 le­ve­l, a crucial accumulation area where­ strong buying inte­rest eme­rge­s wheneve­r it approache­s this level. This support has re­inforce­d the trend, e­nsuring that any downward move­ments are me­t with substantial de­mand, further solidifying Ethere­um’s upward mome­ntum.

Ethereum is prese­ntly expe­riencing side­ways moveme­nt, trading at $3,348 with a 2.49% decre­ase in the­ last 24 hours. Rece­ntly, it was reje­cted by a de­scending tre­ndline. Should Ethere­um bre­ak above this de­scending tre­ndline around the­ $3,500 leve­l, it could rise 5.5% from the­ breakout point to re­ach its previous high of $3,717 se­t on June 9.

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Ethereum (ETH) Bullish Trend Signals Potential Surge to $5,000, Says Analyst 16

If Ethereum manages to close above the­­ $3,717 mark, it may continue rallying by 7%, aiming to reach its previous re­­sistance level at $3,977. The­­ Relative Strength Inde­­x (RSI) supports this potential for upward movement, hove­­ring around 44, indicating a neutral zone. This suggests that it has room for upward movement without the­­ immediate risk of a sharp correction.

Howe­ver, If Ethereum’s daily candle­stick closes below $3,240, it would indicate­ a significant bre­ak in the market structure­. Failing to maintain this bullish mome­ntum might result in a 12% decline­, pote­ntially leading to a drop to the pre­vious support le­vel at $2,862.

Related Readings | Avalanche (AVAX) Consolidation Suggests Uptick: Expert Predicts Price Jump to $60-$65

Ethereum Name Service (ENS) Sees Remarkable Growth, Eyes $120 Target

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Much attention has been focused on Ethereum Name Service (ENS) in recent days. Ethereum Name Service increased by 41% over the past week, signalling a solid uptrend with further upside potential. In a broader sense, ENS headed up nearly 14% over the past 30 days, testifying to this token’s sheer resilience and growth potential.

This impressive surge can be attributed mainly to Bitcoin’s price rebound. The upward momentum that Bitcoin’s rise created for altcoins has given them room for losses to recover and set their eyes on new highs. With the lead set by this top cryptocurrency, Ethereum Name Service and other altcoins follow through in a continuum, further benefiting from renewed investor confidence.

Currently, Ethereum Name Service stands at $31.90, with a trading volume of $1.17 billion within the last 24 hours and a market capitalization of $1.00 billion. In the past 24 hours, Ethereum Name Service has added 10.54% to its value, additional backing for what is already an extraordinary cryptocurrency market player.

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Ethereum Name Service (ENS) Sees Remarkable Growth, Eyes $120 Target 19

Analyst Sees Potential for $120 for Ethereum Name Service (ENS)

Crypto analyst Matthew Hyland believes in an optimistic price trajectory for the Ethereum Name Service (ENS). As per Hyland, if it breaks out from its current levels, Ethereum Name Service will reach as high as $120. Hyland’s bullish prediction came from ENS’s recent performance.

The analyst mentioned that he had recommended this to his Patreon subscribers when it was $17.50, exactly on the night of the ETH ETF approval a few weeks ago. Unaffectedly, with ENS currently trading at around $30 and showing every sign of attempting a breakout, this recommendation has paid off.

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Hyland’s insights and predictions give further weight to the growing confidence placed by the crypto community in ENS. His price target of $120 foreshadows a substantial upside potential from current levels, so it has emerged as one of the cryptocurrencies investors will watch over the next few months.

As ENS values surge, many opportunities emerge within the crypto market, gaining optimism from well-esteemed analysts like Hyland. The eyes of investors and enthusiasts are fastened on Ethereum Name Service, hoping for more significant gains as the market evolves.

Related Reading |  Ethereum Set for Explosive 30% Surge as ETF Approval Nears, Says Analysts 

SEC’s Big Decision: Bitcoin & Ethereum ETF

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The U.S. Securities and Exchange Commission [SEC] has confirmed receipt of the 19b-4 application for the Hashdex Nasdaq Crypto Index US ETF, signaling a new era in the evolution of the crypto ETF in the United States. Nate Geraci, president of The ETF Store, disclosed that the fund will hold both spot Bitcoin [BTC] and Ethereum [ETH].

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The regulator’s acknowledgment of the filing kickstarts a critical countdown of the regulatory process. Geraci also revealed that the final deadline for the SEC on the application is expected to fall around the first week of March 2025. This timeframe allows the regulator to evaluate the proposal thoroughly considering the complexities and regulatory implications associated with launching such a fund to the market.

Nate Geraci, president of The ETF Store, said that the US SEC has confirmed receipt of the 19b-4 application for the Hashdex Nasdaq Crypto Index US ETF. The fund will hold both spot Bitcoin and Ethereum. The final deadline for SEC approval should be around the first week of March 2025

Meanwhile, the launch of Ethereum ETFs has been postponed by the SEC, dampening ETF expectations. Initially projected in early July, this abrupt decision was delayed by additional requests for reviews of the S-1 forms. Issuers now get an extended timeline till July 8 to resubmit their revised forms. This action potentially pushes the launch of Ethereum ETFs to mid-July or later.

SEC’s Crypto ETF Approval

In terms of Bitcoin, institutional backers continue to reinforce their faith in the dominant crypto as a mainstream investment. Recently, Global asset management firm BlackRock bought 43,000 shares of iShares BTC ETF for its Global Allocation Fund in the latest SEC filing.

Endorsing a crypto ETF by traditional financial institutions, allows mainstream investors to gain exposure to the digital asset. This could drive a substantial influx of investment and interest in the chain. By including spot BTC and ETH, the fund seeks to capitalize on the increasing interest in and adoption of these digital assets. This move could potentially offer a diversified and straightforward avenue for investors to participate in the cryptocurrency market through a regulated financial product.

Bitcoin’s Sell-Off & Ethereum ETP Progress: June 2024 Recap

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The crypto markets were under considerable pressure in June 2024, driven primarily by selling pressures on Bitcoin, which had a broader pullback effect on the sector. Grayscale Research remains optimistic about the crypto market’s fundamentals. It supposedly has promising developments ahead, particularly concerning the progress toward spot Ethereum Exchange-Traded Products.

Factors Contributing to Ethereum and Bitcoin’s Decline

In June, Bitcoin and Ethereum dropped around 10%, weak performers on a risk-adjusted basis compared to other assets. More than one factor contributed to this downfall. First came the announcement from Mt Gox’s estate about Bitcoin and Bitcoin Cash repayments, scheduled for July 2024, with uncertainty over whether creditors would sell these for fiat currency.

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Additionally, the German government liquidated a substantial amount of Bitcoin seized in 2013, adding further pressure. Similarly, the U.S. government moved a significant amount of Bitcoin to Coinbase Prime Deposit, hinting at potential future sales.

Coupled with these acts, the net outflows from U.S. Spot Bitcoin ETPs totaling $581 million in the latter half of June and continued selling by Bitcoin miners compounded the selling pressure. Nevertheless, notable buying activity from MicroStrategy, which acquired nearly 12,000 Bitcoin, provided some support.

Another positive development is the listing within the U.S. market of spot Ether ETPs, which continues apace. The SEC approved several Form 19b-4 filings toward the end of May and expects additional approvals by summer. Grayscale expects these products to begin trading in Q3 2024. This could bring significant net inflows and help underpin Ethereum valuations.

While the general crypto market decreased in June, resilient pockets were within. According to the FTSE Grayscale Crypto Sectors Index Series, Bitcoin and Ethereum outperform in a broader market where most tokens have tumbled. While, Toncoin (TON), one of the significant assets in the Smart Contract Platforms Crypto Sector, surged massively.

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Grayscale Research maintains its optimism regarding crypto valuations for the second half. Secondly, the highly anticipated listing of Ether ETPs could finally attract more investors into smart contracts and decentralized apps, driving further value for the public blockchain ecosystem.

Related Reading | Kronos’ Shiba Inu Payment: First Public Firm to Embrace SHIB,10% Users Discount

Ethereum Poised For Major Breakout, Analysts Anticipate Market Shift: Report

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Leading crypto analysts are watching Ethereum as it prepares to enter a crucial phase that could trigger the end of a decline that has lasted almost two years. Daan Crypto, crypto analyst, recently provided his thoughts on X platform with regards to Ethereum’s current market standing.

Daan Crypto said that Ethereum is in the process of testing the breakdown of a major down trend line that has been in place for nearly two years now. He identified the 0.6 is the horizontal level that is considered as the key level, with the penetration of which the formation of a higher timeframe reversal will be confirmed. This change could be most likely accompanied by a significant change in the Bitcoin Dominance which points to the shift in the whole market.

However, Ethereum is still facing the challenge of a major resistance level at this point. Daan Crypto pointed out that ETH still has trouble with it, and this is a critical period for the asset’s near-term outlook.

Ethereum Nearing Critical Breakout Point

As another interesting observation, Mags, one of the most popular analysts, noted that the ETH/BTC pair is near the breaking point of the descending channel that has been in place since December 2021. Mags said that ETH is in a broadening wedge pattern at the moment and said that a break through the bearish trend line could send the price to the apex of the wedge. Such a breakout could see Ethereum reaching new levels.

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Mags also said that if ETH breaks out successfully, it could lead to large gains in the entire altcoin market. This potential ripple effect highlights the significance of Ethereum’s current market standing.

The 0.06 horizontal level acts as a pivotal level for the traders and investors as it separates the further continuation of the existing trend or a sharp reversal. Market participants will be closely watching Ethereum’s action in the coming days and weeks as the anticipation grows.

Ethereum continues to fight for dominance against resistance, a key level that will define the further direction of the cryptocurrency. The prospect of a higher timeframe reversal is always thrilling and worrisome at the same time as investors try to envisage what this move means. A successful breakout could send ETH to new heights and provide the much-needed boost to the entire altcoin market, consequently causing an upswing.

Ethereum Bleeds $61M: 2024’s Worst Performer- CoinShares

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CoinShares’ latest report has revealed a troubling trend for Ethereum and the broader digital asset market with outflows hitting $30 million last week. This marks the third consecutive week of outflows signaling investor caution and market volatility. Ethereum with its highest outflow amounting to $61 million since August 2022, has become the worst-performing digital asset investment product so far this year.

This was in contrast to prior weeks, when most providers recorded minor inflows, except Grayscale which saw $153 million outflows offsetting the inflows. Additionally, trading volumes surged by 43% week-on-week to $6.2 billion but remain well below the $14.2 billion weekly average for the year so far.

Nationwide, the US saw the largest inflows with $43 million whereas Brazil and Australia recorded inflows of $7.6 million and $3 million respectively. In contrast, Germany, Hong Kong, Canada, and Switzerland posted outflows of $29 million, $23 million, $14 million, and $13 million respectively.

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Ethereum Bleeds $61M: 2024's Worst Performer- CoinShares 26

Ethereum, the second largest crypto registered the largest outflows since August 2022, totaling $61 million, bringing the last two weeks of outflows to $119 million, making it the worst-performing asset year-to-date in terms of net flows.

Solana and Litecoin Gain Inflows as Ethereum Stumbles

On the other hand, multi-asset and Bitcoin ETPs led the inflows with $18 million and $10 million respectively. Short-bitcoin also saw a rise in outflows totaling $4.2 million last week, suggesting a shifting sentiment. A range of altcoins saw inflows, most notable were Solana [$1.6 million] and Litecoin [$1.4 million].

Blockchain equities, despite the positive sentiment for digital assets this year, have suffered outflows of $545 million this year, representing 19% of AuM.

Ethereum’s latest outflow coincides with the pending approval of an ETF on July 4th. This development is being closely watched, as it is the culmination of almost three years of planning. The ETF flow has also negated the previous forecast of potential mass outflows from Bitcoin ETFs where investors rush to pour their money into the new ETH ETF.