Ethereum leads the next phase of the uptrend in altcoins as the price suddenly surges. Top altcoins, especially meme coins, show a sharp recovery today as ETH price rises by 2.30%.
The intraday rebound movement after the bear market reveals a potential trend reversal entry opportunity. The bull run may continue this week and recover lost ground as OTC traders are ready to buy on dips.
SEC Ends Investigation into Ethereum
The recent news that the United States Securities and Exchange Commission (SEC) officially ended its investigation into the sale of ETH as a commodity has triggered a bull run in the prices of Ethereum and altcoins.
The ETH price broke above $3,500 on the news, signaling a possible uptrend this week.
Ethereum Price Performance
Following a bearish reversal at the $3,800 mark, the ETH price trend shifted a consolidation range to lower highs. The decline has taken Ethereum down to the $3,500 level, with the price decline signaling a potential rebound.
Over the past 72 hours, ETH price action has formed a Morning Star pattern on the daily chart with an intraday gain of 2.30%. The price action shows a double bottom pattern as one bullish candle completes a morning star.
With the neckline at $3,615, the bullish reversal pattern can resume the uptrend with a breakout bounce. Moreover, the long-tailed candle formed at the $3,500 level reveals the chances of underlying demand supporting the uptrend.
Open interest surge signals an impending bull run
Ethereum has gained 4.33% in the past 24 hours with open interest exceeding $11 billion across all exchanges. Currently, open interest stands at $11.55 billion, indicating optimism among market participants.
Moreover, the funding rate of 0.00713483 reinforces the optimistic outlook, indicating that long traders are willing to pay short traders. Hence, bullish dominance can be seen in the derivatives data.
Will ETH price break $4,000?
With mild moves in derivatives, bullish price action, and the SEC ending its investigation into Ethereum, the altcoin is ready to take off. A break above the $3,615 neckline could fuel the next price surge towards the $3,775 mark.
According to the Fibonacci levels, ETH price could target $4,303 as the next target.
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