Ethereum’s recovery rally shows a rise in price over the past 48 hours, with short liquidations amounting to $52 million.
The weekly chart shows a failed double top formation.
It is becoming increasingly likely that an Ethereum ETF will be listed on July 15, which could be a catalyst for a bull run.
Ethereum’s recovery is gaining momentum, with prices rising sharply over the past 48 hours as Bitcoin holds above the critical $56,000 support level. The recent surge in ETH price, coupled with $52 million in short liquidations, suggests that bearish sentiment in Ethereum’s price trend is waning.
As the market anticipates a bull run for ETH, hopes are resurfacing that ETH could hit new all-time highs. This raises the question: will predictions of Ethereum price reaching $10,000 come true, or will this crash cause market predictions to be revised?
Ethereum price performance analysis
With a market cap of $368 billion, Ethereum is the largest altcoin and the second-largest cryptocurrency after Bitcoin.
The weekly chart shows an interesting price action for Ethereum with a failed double top formation with the neckline at $2,844 coinciding with the 50% Fibonacci retracement level.
The overall recovery of the cryptocurrency market indicates that the altcoin sector may see a sharp rise. In addition, Bloomberg analyst James Seyffart said that with the increasing possibility of the listing of the Ethereum ETF this month, the price of ETH is expected to rise sharply in the coming weeks.
As market expectations for a broader market recovery grow, ETH prices are about to recover significantly. The increasing likelihood that an ETH ETF will be listed on July 15 could further boost the upward cycle and provide additional momentum for the bull run.
As the market anticipates Ethereum to usher in a bull run, whether ETH can reach the coveted $10,000 mark remains the top concern for investors.
