Ethereum (ETH) Set For ‘Glorious Year,’ Analyst Eyes $10,000 Target
June 04 2024 - 4:30PM
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Ethereum (ETH) saw a significant upswing at the end of May due to
the rumors of a spot ETH ETF (Exchange-Traded Funds) approval in
the US. This bullish momentum propelled the token’s price from the
$3,000 price range to the $3,900 mark. Related Reading:
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Roaring Kitty’s Return After the approval, the second-largest
cryptocurrency has shown a strong performance, consolidating
between the $3,700 and $3,800 levels. Some crypto analysts believe
ETH is preparing for a crucial test and eye bullish targets above
the $10,000 price range soon. ETH’s “Glorious Year” Depends On This
Level According to crypto analyst Jelle, a community sector is
currently driven by a negative sentiment towards Ethereum. The
bearish sentiment, seemingly fueled by Ethereum’s failure to regain
the $4,000 resistance level, has made “lots of people
overcomplicate things here.” As a result, Jelle urged investors not
to panic, arguing there’s no reason to “flip bearish.” The crypto
analyst highlighted the key movements the King of Altcoins has seen
in the past two weeks. Due to the spot ETH ETF approval, Ethereum
broke out of a multi-moth falling wedge pattern. At the time, ETH
successfully regained the $3,600 price range and briefly tested the
$3,900 price range. After reclaiming this key support level, ETH
has been consolidating above it, hovering between the $3,700 and
$3,800 price range since May 28. According to the analyst, the
cryptocurrency is “reclaiming the range lows of a 3-year-long
reaccumulation range.” Per Jelle’s chart, ETH is regaining the
lowest range of the previous bull run, which could lead to an
expansion period. If the second-largest cryptocurrency by market
capitalization holds above this key level, Ethereum “will have a
glorious year.” Additionally, the analyst considers that ETH’s last
hurdle to overcome this cycle is the $4,000 resistance level. Once
“it breaks $4,000, it’s clear skies ahead” to potentially reach the
price target of $10,000. Similarly, known crypto analyst Il Capo of
Crypto noted that his main scenario is a bullish continuation. Per
Il Capo, Ethereum is “looking good” above the $3,650 range. This
performance seemingly sets the cryptocurrency for a “bullish
continuation” towards the previous cycle’s all-time high (ATH).
Ethereum ETFs, The Catalyst For New ATH? Despite the doubts,
Ethereum’s recent performance resembles Bitcoin’s (BTC) in previous
cycles. According to crypto trader Ash, ETH is following the path
of the flagship cryptocurrency in 2018-2021. If it continues this
track, “$10,000+ ETH is programmed.” As the crypto market awaits
the listing of the spot ETF, some analysts consider it the catalyst
for an “explosive” alt season this year. Similarly, Ali Martinez
noted that over 777,000 ETH, worth around $3 billion, have been
withdrawn from exchanges since the US Securities and Exchange
Commission (SEC) approved the investment products. Due to a supply
squeeze, this development could propel ETH’s price to higher
levels. However, Lookonchain recently revealed that two
participants of Ethereum’s Initial Coin Offering (ICO) deposited
around 4.5% of their holdings on a crypto exchange. Per the post,
the ICO participants received 200,000 ETH, worth around $767
million, at Ethereum’s Genesis. Related Reading: The Half-Million
Dollar Bitcoin: Predictions Point To Monumental Price Surge In 18
Months The holders deposited 9,518 ETH, or $36.33 million, into
Kraken on Monday, which has alarmed investors. Despite the fear of
a possible dump, some community members think this movement could
suggest that these long-term holders believe ETH’s price will reach
unprecedented highs soon. Featured Image from Unsplash.com, Chart
from TradingView.com
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