Will ETH price reach $4,000 or pullback to $3,300 after Ethereum ETF launch?
The cryptocurrency market has gained about 1% in the past 24 hours. Moreover, with its current value of over $2.47 trillion, top tokens such as Bitcoin and Ethereum have broken through their important resistance levels.
With the launch of Ethereum ETF tomorrow, the price action of ETH-based altcoins has risen sharply. With questions like “Will ETH price reach $5,000?” and “How high will ETH price reach after the launch of Ethereum ETF?”, the crypto space is entering a “FOMO”-like situation.
ETH Coin Price Records Increased Price Volatility:
Despite recording a drop of about 1% in the past 24 hours, ETH price has increased by 3.46% in the past seven days. Moreover, it has jumped from $2272.92 to $3467.55, jumping $1194.64 (52.56%) this year alone.
Ethereum Market Sentiment:
The technical indicator MACD shows a constant green histogram, and its average value keeps showing an upward trend in the price chart. This highlights the bullish sentiment of the ETH cryptocurrency.
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The relative strength index (RSI) recorded a strong bearish curve below the overbought range. In addition, its average trendline hints at a potential bearish convergence, indicating that the sentiment in the cryptocurrency field is mixed.
Ethereum ETF Launch:
Since the approval of the Ethereum ETF, ETH price volatility has continued to increase, indicating that the buying and selling pressure in the cryptocurrency field has increased.
In addition, with only a few hours left before the listing of the ETH ETF, the altcoin leader Ethereum token is about to enter a new stage of the cryptocurrency bull market. It is worth noting that the listing time of the Ethereum ETF is scheduled for 6:00 am on July 23.
