Ethereum Forecasts: Will the Price of ETH Reach $4,000 in July?
As other cryptocurrencies gained momentum this week, the price of Ethereum continued its robust comeback. The price of ETH rose more than 30% from its lowest point this year to $2,800 on Thursday. Since its April lows, it has increased by 100%.
Ethereum Projections and Analysis
According to the daily period, the price of Ethereum has experienced a significant upswing in recent days, rising from a June low of $2,116 to its current level of $2,752.
Once it reached the 50% Fibonacci retracement level, a golden cross pattern was formally formed. When the 200-day and 50-day Exponential Moving Averages (EMA) cross one another, it’s known as a golden cross.
At its highest point since June 11, the Relative Strength Index (RSI) has surged to 64. All other oscillators, including the Stochastic Oscillator and the MACD, have been pointing upward.
The price of Ethereum has formed a bullish flag pattern, characterized by a rectangular channel and a vertical line. Consequently, the price goal is $4,287 when the flag’s length is measured.
Bullish Catalysts for ETH Coin
Ethereum could rise in July due to a number of triggers. First, evidence indicates that there is still a market for Ethereum ETFs on Wall Street. Over the past ten days, these funds have added assets, increasing their total inflows to $4.5 billion.
Second, additional evidence indicates that Ethereum’s demand is rising while exchange supply has fallen in recent months.
The number of coins in circulation has decreased from the year-to-date peak of more than 10.5 million to 7.45 million. A decline in balances indicates that investors are not liquidating their holdings.
Third, despite Ethereum’s recent price gain of more than 100%, there are indications that it is still reasonably priced. From its low of negative 0.34 last month, the carefully watched market value to realized value (MVRV) is now at 0.0014.Still, the figure remains significantly lower than its historical highs, making it more attractive to investors.
Furthermore, research indicates that Ethereum’s total value locked (TVL) has increased by 6.5% to surpass $146 billion over the past 30 days. The value of the spanned assets has increased to almost $403 billion, and this trend might continue in the months ahead.
In addition, the amount of stablecoin available on exchanges has increased from a year-to-date low of more than $115 billion to a record high of $126 billion.
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