Ethereum Price Prediction: ETH bulls aim at the rebound of the indicator, falling first and then rising, with the potential to rebound to $5,000 in the future

Ethereum price analysis: ETH price has been consolidating for nine days, with a fierce battle between bulls and bears. The current price is $3,714, down 2.3% in 24 hours, but the bullish elasticity is obvious. ETH bulls look forward to a rebound to $5,000. The 50-day SMA forms a bullish trend, with strong support, and is not expected to fall below $3,700.

Fibonacci analysis: ETH price is between 0 and 0.23 Fibonacci retracement levels, and a breakout may push it to 0.27 extension level, about $4,260.

Downside support: The 200-day MA provides support near $3,390, which is consistent with the 0.5 Fibonacci level, forming a bullish pennant structure.

In BlackRock dynamics: Submitting Ethereum ETF S-1 registration, if approved, will trade under the code "ETHA", which may have a significant impact on the crypto market. It is expected that S-1 approval and ETH ETF trading will be carried out in late June or early July, and you can look for entry opportunities.

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