Will Ethereum reach $5,000 with ETF listing?

With the $3,518 peak rejected, the daily chart shows a long-term pattern and ends the first candle of the month at $3,420. ETH price also struggled to break out of the accumulation phase due to the failure of the 50D EMA to break due to the increase in supply.  

With the retest of the second-stage consolidation breakout, Ethereum price may soon return to the ascending support trendline. Currently, ETH price is trading at $3,447, with a slight increase of 0.26% in early Asian trading.  

In support of bulls, the positive crossover of the MACD with the signal line and the rise of the 200D EMA boost the uptrend theory.  

With the ETF listing approaching, the market's expectations for the Ethereum "God Candle" are also growing. However, the recent reversal suggests that the wait will be longer. Additionally, the SEC has delayed the Ethereum ETF timeline, commenting on the S-1 form and asking for one more round of filings by July 8.

As the SEC drags its feet on the Ethereum ETF listing, some are in favor of postponing it until the bull run, while others are losing patience. Therefore, the possibility of a GOD candle for Ethereum could come at the time of listing or when the news of the listing is released.

After the Ethereum price breaks above the current high of $4,066, it is expected to hit a new high above $5,000. Based on the Fibonacci levels, the 1.272 level ($5,581) is the possible target, which is a 60% increase from the fiat price.

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