As a seasoned researcher with extensive experience in analyzing cryptocurrency markets, I have closely monitored Ethereum and Solana’s price movements over the past few days. Based on my analysis of the latest developments, here is my take:
The price of Ethereum encounters obstacles and halts near the $3,500 level on Thursday. Meanwhile, on-chain statistics reveal a surge in the total amount of ETH being staked, along with growing excitement for the upcoming launch of ten U.S. spot Ethereum ETFs. Solana’s price decreases by 1.8% to $159.68 as investors focus more on the Ethereum market scene.
Where Is Ethereum Price is Headed?
Following the market-wide downturn, ETH‘s price bounced back in a double-bottom trend reversal, indicating potential growth. An intriguing inverted head-and-shoulders pattern has emerged, suggesting a significant increase that could push the asset above $4,400, resulting in a 27% price surge from its current value.
The Ethereum price currently surpasses both its 50-day and 200-day simple moving averages, indicating that the upward trend remains intact. However, before this uptrend can continue, Ethereum’s price may need to experience a correction to form the right shoulder of a potential head-and-shoulders pattern. A decline below $3,250 could potentially disrupt this pattern and trigger further downward movement.
The outlook for Ethereum’s market value remains optimistic, based on recent data from IntoTheBlock. Specifically, there is a record-breaking 47.27 million ETH currently staked as of July 4th. This finding signifies that users have strong faith in the network and are prepared to invest significantly in it.
The RSI for Ethereum momentarily touched the overbought mark at 70.06, then retreated to 63.42. The RSI is currently climbing and lies above its moving average, suggesting a growing bullish trend in Ethereum’s price movement.
Currently, the Solana price forecast points towards a potential increase in value, potentially reaching $186, should the recent price test prove successful. The cryptocurrency’s price chart shows a double bottom formation on its daily timeframe, which was broken above on July 15th.
The technical indicators of the Relative Strength Index (RSI), Complementary Moving Average (CMF), and Moving Average Convergence Divergence (MACD) are all signaling a bullish trend for Solana’s price. Specifically, the CMF stands at 0.14 and is on an upward trajectory, while the RSI rests at 59 and is also rising. Moreover, the MACD has recently crossed above the zero line, indicating a positive momentum shift.
Within just two months, the swift acceptance of a Spot Ethereum ETF has ignited great interest among investors regarding the ease with which Solana (SOL), Ripple (XRP), and other cryptocurrencies might secure their own ETFs.
Anticipation Builds as ETF Issuers Submit Final S-1 Drafts
The Ethereum ETF proposing entities submitted their final S-1 forms to the Securities and Exchange Commission (SEC) on a recent Wednesday. Their anticipated debut is scheduled for July 23.
Among the ten ETF issuers, seven have announced fee waivers. These include Grayscale, Invesco, and ProShares. Grayscale has the highest fee among them at 2.5%, while Franklin Templeton charges the least with a fee of only 0.19%. Yesterday, Grayscale filed their S-1 draft, ensuring submission before the end of Wednesday’s deadline.
Bottom Line
The price forecast for Ethereum is displaying robust bullish signs, indicating a possible spike to $4,400 due to the upcoming launch of 10 new Ethereum-based ETFs next week. This anticipated event has sparked heightened staking activity and optimism among investors. On the other hand, Solana’s price is exhibiting potential for growth up to $186, fueled by favorable technical indicators and market sentiment. Despite lagging behind Ethereum, Solana remains poised for substantial gains in the near future as investor attention continues to expand.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- TAO PREDICTION. TAO cryptocurrency
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- ALPINE PREDICTION. ALPINE cryptocurrency
- Bitcoin Vs. Ethereum: Why This Analyst Believes BTC Will Outperform ETH
- MicroStrategy Or Nvidia? MSTR Stock Outperforms World’s Largest Chip Manufacturer
- WazirX Moves To Recover $150 Million In Shiba Inu, Ethereum And Others With Bounty Program
2024-07-18 15:01