Ethereum (ETH) gears up for a new ATH after market crash (analysts)

Summary

• ethereum briefly dipped below $3,000 but has since recovered and there are bullish predictions pointing to prices as high as $8,000.
• Optimism is partly driven by the potential launch of a US spot eth ETF, expected by some industry participants as early as mid-July.

The next objective

The cryptocurrency market crash that occurred at the end of last week and the beginning of the new one negatively affected the price of ethereum (eth), which briefly fell below the $3,000 mark. However, in the past 24 hours, bulls stepped in and pushed the valuation above that level.

Many crypto enthusiasts don't seem to have been bothered by the latest drop and are predicting a strong eth rally in the near future. Lucky, an x user with over 2 million followers,x.com/LLuciano_BTC/status/1809218839244112263″ target=”_blank” rel=”noopener” data-wpel-link=”external”>described The asset's plunge below $3,000 is “a gift of nature,” but he warned investors to keep a close eye on the sector in the coming days before making “big moves.”

Mikybull Cryptocurrency x.com/MikybullCrypto/status/1810635501986021578″ target=”_blank” rel=”noopener” data-wpel-link=”external”>believe eth price has “fully completed its retest of the bullish pattern breakout” and a rally to $4,000 is expected.

McKenna and Poseidon were even more optimistic. The former x.com/Crypto_McKenna/status/1810608600613544107″ target=”_blank” rel=”noopener” data-wpel-link=”external”>place a target of $5,000, while the latter x.com/CryptoPoseidonn/status/1810629194256163039″ target=”_blank” rel=”noopener” data-wpel-link=”external”>predicted a new peak of up to $8,000 To be reached Sometime next year.

An important factor that could The trigger for a bullish momentum is the eventual official launch of ethereum spot ETF in the United States. Recall that the US Securities and Exchange Commission (SEC) approved Eight of these products, but they are not yet available. According to Bloomberg x.com/EricBalchunas/status/1810416604389539880″ target=”_blank” rel=”noopener” data-wpel-link=”external”>Eric BalchunasJuly 18th seems to be the “best guess” for a release date.

Previous predictions

He x users Captain Faibik and crypto Tony were among them. touching on eth price trajectory during the market correction. The first one recommended buying on the dip, predicting that the asset willpower “recuperate.”

crypto Tony He suggested that's all It would remain under control as long as the bulls hold the important resistance level of $3,270. However, eth fell well below that mark and is currently trading below $3,100 (as per data from CoinGecko).

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