Markets
Will Ethereum’s long squeeze ahead of ETF launch push ETH price above $4000?
Cryptocurrency markets are showing mixed patterns as bulls and bears show their strength at frequent intervals. While Bitcoin price has dropped below $59,000, Ethereum price has fallen near $3,200 but has recovered slightly above $3,400. Prices have slipped slightly below the levels but show the possibility of regaining the levels above $3,500 in the coming days. The current trading setup suggests the ETH price is gearing up for exponential growth as the second largest token is ready to go to the moon.
After breaking the triangle, ETH price rose almost 30% but failed to surpass $4000. After a rejection, the token is stuck in a steep downtrend, forming consecutive lower highs and lows, showing the growing strength of the bears. The correction has been reversed as the market is expecting positive fundamental leverage. So, before the price goes up, the token is expected to test liquidity in the lower range.
ETH price is once again heading towards the lower support zone, which should trigger a nice bounce like before. The Ichimoku cloud was bullish, but the levels are approaching a bearish cross, which suggests that the price could experience a prolonged downtrend and enter the support zone between $3284 and $3324 before triggering the next bullish jump.
The second largest is currently stuck in the correction phase to gather potential before a possible trend growth with the aim of forming a new ATH. The main focus is on the ETH-ETF which, according to some rumors, could be operational in the first week of July and should be another positive sign for the cryptocurrency markets and the Ethereum (ETH) price rally. The token is seeing an increase in the number of active wallets and therefore traders are actively buying call options with strike at $4000 and expiry in September.
With the latest round of negotiations underway between issuers and regulators, the price of Ethereum (ETH) is expected to begin a new bull run towards a new all-time high in the second half of the year.