In tune with the broader market recovery over the past weekend, Ethereum’s price has slightly rebounded, climbing above $3,300. Ethereum’s market cap has also surpassed $400 billion, currently valued at $407.52 billion.
Moreover, its 24-hour trading volume is above $19.2 billion, representing a 45% increase. ETH is hovering around $3,389, up slightly 2%.
With this present optimism in the market, can Ethereum’s price reach $4,000 this Week? The following analysis will provide hints.
Ethereum Price Action
Ethereum’s price has shown significant strength in recent weeks, consolidating between $3,600 and $3,400 from June 11 to July 2. However, the broader crypto market took a sharp downturn on July 3, pushing ETH below $2,800 and triggering massive liquidations.
Despite this setback, the market began showing signs of recovery on July 8. As a result, ETH started an upward trend, hitting $3,400 earlier today before slightly retracing to $3,390.
Several technical indicators and chart patterns now suggest a bullish market sentiment. If ETH maintains its momentum, it could test higher resistance levels in the coming days.
Ethereum Price Analysis: Bullish Signals Point to Potential Breakout
The daily chart shows that Ethereum (ETH) is close to breaking the resistance line of a descending channel pattern. A successful breakout could signal the start of an upward trend.
Also, the SuperTrend indicator is flashing a buy signal, indicating growing buying pressure and a potential increase in Ethereum’s price.
Additionally, the MACD sits above its signal line, with green histogram bars, typically indicating bullish momentum in the market.
Further, Ethereum’s price has recently broken above its 200-day Simple Moving Average (SMA), which often signals a long-term trend reversal.
It briefly touched the 50-day SMA before dropping back. A sustained break above both SMAs would further confirm bullish sentiment.
Moreover, the Relative Strength Index (RSI) has formed an ascending channel at 56, confirming the growing buying pressure. But there’s still room for further growth before Ether reaches overbought conditions.
Together, these indicators paint a bullish picture for Ethereum, suggesting a continued uptrend in the coming days. Based on the chart above, Ether is on the verge of reaching new heights.
However, a slight dip might happen first to shake out weak sellers. After that, the path to $4,000 might open up this month.
Countdown to Ethereum ETFs: Will Institutional Money Fuel ETH Boom?
In an X post, Eric Balchunnas, a Bloomberg analyst, said Ether ETFs would launch on July 23. This could significantly boost ETH prices.
Update: Nate's instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course! https://t.co/D21FD9Qf94
— Eric Balchunas (@EricBalchunas) July 15, 2024
These ETFs will provide managed exposure to Ethereum for traditional investors, potentially bringing substantial capital into the market.
Such a feat could drive up demand and prices.
Moreover, the launch is happening before the Bitcoin conference in Nashville, scheduled for July 25-27. The event might draw extra attention to ETH, highlighting ETH’s importance over Bitcoin.
According to Coinalzy data, there’s already more interest in ETH trading.
Futures traders heavily bet on Ethereum’s future price, which often happens before a significant price move. This heightened excitement could further bolster the bullish trend, with more people buying ETH hoping for price increases.
Analysts Predict ETH New All-Time Highs
Analysts have forecasted a potential breakout for Ethereum. Peter Brandt, a well-known analyst, has a bold prediction. He thinks Ethereum could hit a new all-time high of $5,100 after the ETF launch.
A perspective on $ETH
Support was found at lower boundary of 4+ month rectangle, which was a retest of the Feb completion of a horn bottom
Target, pending upside completion, is 5600+ pic.twitter.com/EThcM61KpW— Peter Brandt (@PeterLBrandt) July 15, 2024
Further, the analyst points to strong support levels forming what he calls a “4+ month rectangle.” This pattern suggests more growth is coming.
Moreover, Ethereum’s recent retest of its February bottom adds to Brandt’s confidence. Brandt believes the current rally isn’t over yet, and Ethereum could soar as high as $5,600 and above.
While all eyes are on Ethereum, a newcomer in the space is worth considering.
Ethereum Alternative: Pepe Unchained Raises $3.7 Million in Presale
Pepe Unchained is making waves in the crypto world by introducing a fresh perspective in the meme coin sector. With its own layer 2 protocol, Pepe Unchained aims to solve common crypto problems.
Pepe Unchained promises lightning-fast transactions, allowing users to enjoy much lower fees and transactions 100 times faster than ETH.
The project’s presale is already a hit, with over $3.7 million raised, demonstrating strong investor interest.
Pepe Unchained; The Next Big Meme Coin?
Experts are excited about PEPU’s potential and believe it will mirror the success of other popular meme coins, such as PEPE and Shiba Inu.
Moreover, PEPU’s tokenomics look promising. A large portion of tokens is set aside for presale buyers, and another portion goes to staking, which promises high annual returns for holders who stake PEPU coins.
PEPU trades at $0.0084261 per coin in the current presale phase but will increase in 24 hours. As a result, crypto enthusiasts are rushing to get in before the increase.
Pepe Unchained isn’t just a meme. Its unique features and growing popularity position it for massive success. Given its proposed blockchain functionalities, PEPU could be the next big meme coin.
Interested investors should visit the Pepe Unchained presale website to join the new meme coin revolution.
Check out the best crypto presales to invest now
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Rida Fatima
Crypto/Tech Content Writer
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