Ethereum Surges to $3.3K, Targeting $4K This Week – Will It Hit the Mark?
Over the previous weekend, the cryptocurrency market witnessed a robust surge in prices, particularly with Ethereum reclaiming the $3,300 threshold. This uptrend has instilled optimism among investors, leading to predictions of further positive momentum for ETH in the upcoming week.
As a result of this recent market upswing, Ethereum’s market capitalization has exceeded $400 billion, currently standing at $404.72 billion. This milestone has sparked inquiries among investors regarding the potential for Ethereum to reach $5,000 and whether ETH will experience another significant surge.
To delve deeper into the market sentiment, price analysis, and short-term price targets for ETH, let’s explore the latest developments. For a comprehensive examination of whether Ethereum will reach $10,000 during this bullish phase, refer to CoinPedia’s in-depth analysis of Ethereum’s price prediction.
ETH Coin Price Action:
The week commenced positively for Ethereum, with a 5.67% increase in its portfolio over the past two days. Notably, the altcoin enjoyed positive performance on 5 out of 7 days in the preceding week, underscoring heightened buying interest.
Amid the ongoing bullish trend in the crypto sphere, Ethereum’s price is poised to challenge its resistance trendline within the descending channel pattern, the outcome of which remains uncertain.
With a recent spike of around 5% and the successful reclamation of the $3,300 level, Ethereum has surged by 11.76% over the past week, signaling a growing bullish sentiment in the cryptocurrency market.
Ethereum Market Sentiments:
The Relative Strength Index (RSI) has surpassed its midpoint and is trending towards the overbought territory, signaling a robust bullish reversal in the crypto market. Additionally, the average trendline displays an upward trajectory, indicating a potential uptrend for ETH in the coming days.
The Moving Average Convergence Divergence (MACD) indicator depicts a consistent uptick in the green histogram, reflecting an uptick in buying pressure. Moreover, the moving averages exhibit a bullish convergence, suggesting a positive outlook for Ethereum in the crypto landscape.
Will ETH Price Hit $4K This July?
A breakout above the resistance trendline of the channel pattern could prompt bulls to target the upper resistance level of $3,700. Sustaining this price level may pave the way for Ethereum to approach its previous peak of $4,000 in the near future.
Conversely, a bearish reversal could drive Ethereum’s price down to $3,000 this month, indicating the importance of monitoring key support and resistance levels for potential price movements.
