Outperforming Bitcoin last night, the ETH price surged by 7.38%, creating a massive bullish engulfing candle to cross above $3,400. Further, the SEC is avoiding making comments on the recent submission of S-1, and the final versions will be submitted on Wednesday.
As the recovery rally gains momentum, the trend reverses in Ethereum. So, will the Ethereum price prediction hold true with Ether reaching $10,000?
Ethereum Price Performance
With the Ethereum market cap crossing above $400 Billion, the ETH price makes a rounding bottom reversal. As the Ether price reclaims the $3,000 mark, the turnaround rally from $2,880 continues a streak of bullish candles.
Tradingview
The reversal rally resurfaces above the broken support trendline and is heading higher to reach $3,500. Further, the neckline for the rounding bottom pattern is at $3,500, making it a crucial supply level.
With a massive jump of 7.38% last night, the ETH price witnesses a short 1.10% dip today and trades at $3,447. As the bullish exhaustion leads to a minor drop, the rally could continue in the second half of the day.
Technical Indicator:
RSI: The hike in demand with the recovery rally pumps the RSI line above the halfway line, which is close to the overbought zone.
MACD: The bullish crossover in the MACD and signal lines in the daily chart bolsters the uptrend.
Will ETH Price Surpass $3,500?
As the Ethereum ETF listing comes closer, the broader market sentiment anticipates a bull run in ETH prices. With the bullish indications, the ETH price is likely to surpass the $3,500 level.
With the $3,500 breakout, the trend-based Fibonacci level indicates the next target levels at $4,141 and $5,402.
Credit: Source link