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Ethereum Price Bounces Back, Can $3500 be the Next Stop For ETH

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The bloodbath in the crypto markets seemed to be taking a pause as the weekend approached. After a sharp fall in the last couple of sessions that triggered a panic among investors, Ethereum price finally seems to be recovering. 

Ethereum price climbed nearly 6% from yesterday’s low and has reclaimed back the psychological $3000 level. Few analysts are hoping for the bad days to end as soon as the SEC approves spot Ethereum ETFs.

Can Ethereum ETFs Approval Turn The Tables Again?

Ethereum ETFs could bring back the optimism in the crypto markets and aid market recovery. The Ethereum ETF approval was a dual-stage process in which  the initial phase was completed with the approval of the 19b-4 documents by the issuers. 

On May 23, the SEC gave the green light to 19b-4 submissions from eight contenders for ETFs. Moreover, the approval of S-1 forms by the was a later or final process which was anticipated to be completed by 2nd July. 

However, in a recent communications on 29th June, the U.S. The Securities and Exchange Commission returned the S-1 documents proposing some changes and asked the issuers to resubmit by 8th July.   

Now, if the Ethereum ETFs are approved by 8th July by US SEC (Securities and Exchange Commission) it might bring a new era in the process of crypto adoption. As expected, these changes won’t only affect Ethereum, but aid the entire crypto market’s recovery. 

Can Ethereum Continue To Recover Or Slump Again?

The panic selling seemed to be taking a pause today after the markets took a rebound from the previous day’s low. Despite Ethereum having reclaimed back the psychological $3000 mark, the price still hovers below the 200 day exponential moving average indicating a possible comeback by the bears. 

   

Now, if the bulls make a comeback above the 200 day EMA it may indicate a bullish continuation and the price may head for a recovery. The transaction volume has dropped by 44% to $16.2 Billion a day indicating the waning interest of the sellers. 

Moreover, until the Ethereum price hovers below the 200 day EMA, it may be at a risk of another selloff. on the lower side, the $2850 level may act as a strong support which if breaks may unlock price failure towards the $2500 levels. 

What’s Next For Ethereum?

The cryptocurrency market seemed to be stabilizing after a sharp decline in the last couple of sessions, with Ethereum reclaiming back the  $3000. As per a few analysts, the pending approval of Ethereum ETFs by the SEC could restore market optimism. If approved, it could mark a significant step in crypto adoption.

Furthermore, Ethereum price has recovered from the lows however it still hovers below the 200-day EMA. A positive crossover of price above the 200 day EMA could signal a bullish trend. 

Transaction volumes have decreased, suggesting reduced selling pressure. However, At the current levels ETH crypto faces risk of further sell-offs until it stays below the 200-day EMA, with $2850 as critical support.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Nancy J. Allen
Nancy J. Allen
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and a minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
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