Ethereum
Ethereum Reclaims $3,000 Ahead of ETH ETF Launch, Here’s When It Could Reclaim $4,000
After hitting lows below $2,900 on several occasions, Ethereum price has managed to reclaim the $3,000 pivot range. Moreover, the second-largest cryptocurrency is holding above the gains, indicating a strong presence of bulls at these levels. Therefore, the ETH Price should maintain a healthy uptrend thereafter and restart a nice uptrend beyond the pivot resistance at $3,166.
While the markets are all about Mt. Gox and Germany, Ethereum price is gearing up for the ETF launch. The chart seems to be identical to that of Bitcoin, which has soared over 200% in the last year. After years of accumulation, the second-largest coin is ready to fly high. However, the levels have entered the bullish range and so the resistance at $4,000 seems like a ripe level to break now.
ETH price has entered the range after breaking out of the descending parallel channel. This suggests that the price is likely to see a major retracement while the bearish clouds may continue to hover over the token until it reaches the upper resistance. The price has entered the parallel channel but to break out of the bearish influence, it needs to enter the resistance zone between $3,280 and $3,323.
The RSI has triggered a rebound but it has failed to break above the average levels for over a month. The MACD shows a decline in selling pressure but buying pressure does not seem to have started to build up. Therefore, the price could remain consolidated below $3166 for a few more days and after the ETH ETF goes live, Ethereum price could surge to $4000 initially and later test a higher range.