Ethereum hits bottom; is it way forward for a rebound?

Ethereum has hit a low of $3,377.84, with a slight upswing of 1.66% in the last 24 hours. It is right to assume that the second-ranked crypto in terms of market cap only has an uphill journey for it in the times to come. This stems from two justifications: one, approval of Spot Ether ETF is expected to come in the early days of July, and two, the correction phase is only natural in the crypto sphere. It is critical for ETH to test the resistance of $3,200 since a fall below that margin could attract bears to enter the ecosystem.

The next resistance level is $3,450, followed by $3,600. Ether is on track to conclude the current year at a peak of $4,000. A major upswing is believed to happen when the US Securities and Exchange Commission gives the green light to the second crypto ETF on American soil.

The current value of ETH is down by 1.35% in the last 7 days and 10.13% in the last 30 days. However, near-term predictions are bullish. Its monthly growth is speculated to hover around $3,483.15, up by 2.86% from the current value. The next five days could be crucial, as ETH could potentially surpass the $3,400 mark. Overall, a surge is on the horizon, and Ethereum has the capability to sustain that run.

The Ether community believes that the Commission will retain the correction phase until it approves the final registration forms. Once approved, the ecosystem will experience massive surges and inflows.

That said, Ethereum’s 14-day RSI roughly translates to 36.64% with a volatility of 3.64%. ETH predictions are optimistic about surpassing $4k by year-end.

Ethereum has been traded profitably only for 12 days in the last 1 month. The Fear & Greed Index has given it 30 points under Fear. The hourly MACD for ETH/USD is losing momentum for a bull run.

A surge in active addresses is one indicator of a potential bull run. The token value is down, but Ethereum active addresses have reached a three-month high of 617,170. Ali Charts on X brought this to light on June 22, 2024. It goes on to signify an increase in network activity.

Overall, sentiments across the crypto sphere are bearish. Bitcoin is at the top of the list, having dropped 11.25% in the last 30 days and 6.31% in the last 7 days. The 24-hour trading volume of Bitcoin and Ethereum is up.

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It is only right to conclude that even though the prevailing sentiments are bearish, there is scope for a bull run in the future. It will be primarily triggered by the approval of the ETF application by the SEC.

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