Ethereum (ETH) is showing incredible resilience as it surged 3.1% to over $3,500 despite market volatility.
Analysts predict that Ethereum could rise to $4,723.5 or higher and surge to $6,300 by the end of July 2024.
Gox sold 4 million tons, and German dumping caused turmoil, but the market began to recover.
Ethereum has shown incredible resilience by regaining its footing following a general downturn in the cryptocurrency market. The world’s second-largest cryptocurrency by market cap has surged 3.1% over the past 24 hours, with prices trading just above $3,500.
ETH (Ethereum) target of $4,723.5 has not changed, which means that a rise of nearly +60% from here is still possible and the price could go even higher…
The positive momentum came after the U.S. Securities and Exchange Commission (SEC) ceased its investigation into Ethereum without filing any charges. The SEC’s decision to end its investigation gave the cryptocurrency market a much-needed boost.
Investors and traders had been closely watching the developments, concerned about potential regulatory action against Ethereum. However, the removal of fees has eased concerns and allowed ETH to recover.
Despite recent volatility, Ethereum’s overall performance remains impressive. Ethereum prices are up 13.8% over the past month.
This resilience signals growing confidence in Ethereum’s long-term potential.
Bitcoin (BTC) is trading at $56,744, up 2.68% in the past 24 hours.
Despite the weekly decline of 6.9%, the bullish sentiment among traders contributed to this upward trend.
Cryptocurrency analyst Javon Marks believes that Ethereum could rise to $4,723.5 or higher. Moreover, the long-term outlook for Ethereum is positive.
Some analysts expect prices to surge to over $6,300 by the end of July 2024, followed by a temporary drop to $3,700 before peaking above $7,300 in March 2025.
The anticipated sell-off at Mt Gox and the dump in Germany have largely contributed to the recent cryptocurrency market turmoil.
However, as the situation eased, the market regained stability.
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