Market
Will ETH See a Bitcoin-Like Rally?
As the launch of the spot Ethereum ETFs reaches the finish line, several predictions have emerged. While some have been bearish on ETH’s price, others are betting on a parabolic rally.
Out of the numerous forecasts, one caught BeInCrypto’s attention, and it has to do with ETH’s potential to replicate Bitcoin’s (BTC) performance.
200% Increase Likely as Ethereum Whales Change Positions?
On July 9, a pseudonymous analyst on X Follis posted that the Ethereum ETF could cause the altcoin price to move in a similar way to BTC’s performance between 2023 and 2024. During that period, BTC jumped from $26,000 before reaching an all-time high of $73,750.
“The Ethereum ETF is about to launch and the ETH chart looks identical to BTC before it pumped +200% last year.” Follis shared.
At press time, ETH trades at $3,108. Based on the trader’s opinion, the price of ETH will reach $9,324 in less than a year or thereabouts.
While this may not be impossible, a surge in demand will be required for the prediction to come true.
However, Spot On Chain disclosed in the early hours of July 10 that a whale had withdrawn $50.30 million worth of ETH. The on-chain data provider notes that this is the first significant accumulation since the speculation around the impact of the Ethereum ETH began.
Read More: How to Invest in Ethereum ETFs
This accumulation contrasts what happened a few days ago when a whale sold $12 million worth of the altcoin. Furthermore, data from Glassnode shows that Ethereum whales have left distribution and are now buying the crypto in large quantities.
The number of addresses holding ETH worth $1 million or more shows evidence of this action. On July 7, this metric was 14,217. However, as of this writing, the figure has increased to 14,823, reflecting higher demand for the crypto and optimism about the spot Ethereum ETF approval.
ETH Price Prediction: Almost like BTC, But Not the Same
Compared with BTC, ETH’s price has undergone a more significant correction. From May 28 to July 9, Ethereum’s price dropped by 24.65%.
Bitcoin, on the other hand, fell by 19.43%, indicating that the number one crypto in market value continues to outperform ETH despite its bullish cues.
However, historically, relatively deeper corrections provide an opportunity for higher prices. Interestingly, the daily ETH/USD chart shows a double bottom formation to that effect.
A double bottom pattern appears when two low points form near a similar rectangular price level. This signifies a potential bullish reversal.
Before the Ethereum ETF saga, the last time the cryptocurrency formed a similar pattern was in January 2024. Three months later, the price of ETH had increased by 81.94% and reached $4,067.
If a similar thing occurs, then ETH’s price will trade around $5,625 before the end of September. However, the short-term outlook for the token will remain bullish, provided bulls defend ETH at $2,934.
Read More: Ethereum ETF Explained: What It Is and How It Works
Should this be the case, ETH may enter the resistance zone at $3,555. In addition, if the Ethereum ETF launches within a week or two, the price of the altcoin can attempt to surpass $3,758.
But if ETH meets a pessimistic market with next-to-no positivity after the financial product launch, the price may decline
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $2,720 resistance. ETH is up over 10% and now approaches the key barrier at $3,000.
- Ethereum started a fresh surge above the $2,720 resistance zone.
- The price is trading above $2,750 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $2,950 resistance.
Ethereum Price Extends Its Increase
Ethereum price started a fresh increase above the $2,650 resistance like Bitcoin. ETH was able to climb above the $2,720 and $2,750 resistance levels to move further into a positive zone.
It even surged above the $2,850 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,920. A high is formed at $2,955 and the price is showing signs of more upsides. It is well above the 23.6% Fib retracement level of the upward move from the $2,355 swing low to the $2,955 high.
Ethereum price is now trading above $2,800 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,820 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,920 level. The first major resistance is near the $2,950 level. The main resistance is now forming near $3,000. A clear move above the $3,000 resistance might send the price toward the $3,120 resistance.
An upside break above the $3,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Limited In ETH?
If Ethereum fails to clear the $2,950 resistance, it could start a downside correction. Initial support on the downside is near the $2,850 level. The first major support sits near the $2,820 zone and the trend line.
A clear move below the $2,820 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 support level in the near term. The next key support sits at $2,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,820
Major Resistance Level – $2,950
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BNB price struggled to stay above the $600 zone. The price is consolidating gains and might aim for a fresh increase above the $605 level.
- BNB price started a downside correction from the $612 resistance zone.
- The price is now trading above $590 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $588 level to start another increase in the near term.
BNB Price Holds Support
After a close above the $585 level, BNB price extended its increase. However, upsides were limited above $610 and the price remained capped unlike Ethereum and Bitcoin.
There was a move below the $605 and $600 levels. The price even dipped below the 23.6% Fib retracement level of the upward move from the $543 swing low to the $611 high. However, the price is now holding gains above the $580 level.
The price is now trading above $595 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair.
If there is a fresh increase, the price could face resistance near the $605 level. The next resistance sits near the $612 level. A clear move above the $612 zone could send the price higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger move toward the $632 resistance. Any more gains might call for a test of the $650 level in the near term.
More Losses?
If BNB fails to clear the $605 resistance, it could start another decline. Initial support on the downside is near the $595 level and the trend line. The next major support is near the $578 level or the 50% Fib retracement level of the upward move from the $543 swing low to the $611 high.
The main support sits at $570. If there is a downside break below the $570 support, the price could drop toward the $560 support. Any more losses could initiate a larger decline toward the $550 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $595 and $578.
Major Resistance Levels – $605 and $612.
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