Ethereum Price Recovery and SEC Approval Impact
The market is showing signs of recovery after the Ethereum ETF received SEC approval. The positive turn in the cryptocurrency market over the past weekend has led to a significant upward trend in portfolios of the top coins, hinting at a potentially positive outlook for the week ahead. However, Ethereum has struggled to regain its footing since the launch of the ETF, with its price stagnant and struggling to stabilize above $3,300 amidst bullish market momentum.
Ethereum Price Trend Analysis
Despite a 3.65% retracement over the past week, Ethereum (ETH) has rebounded by more than 3.16% on the 24-hour chart, currently priced at $3,376. This rise has positively impacted ETH’s market capitalization, pushing it up by 3.20% to $403 billion. However, the trading volume for Ethereum has decreased by 13.83% to $12.68 billion, indicating a potential reduction in trading activity in the short term as investors await clearer market direction.
Potential for ETH to Reach $3,500
On the daily chart, Ethereum’s price is within a bearish channel, maintaining a downward trend since mid-May. Currently facing resistance at the 50% Fibonacci level of $3.34K, ETH may struggle to break above this level, potentially retracting towards previous lows around $3,200. Market analysts, however, anticipate that if the current bullish sentiment continues, Ethereum may surpass $3,340, paving the way for a surge towards $3,500, last seen the previous week.