TL;DR
- Ethereum briefly fell below $3,000 but has since recovered, with bullish predictions targeting prices up to $8,000.
- Optimism is partly driven by the potential launch of spot ETH ETFs in the US, expected by some industry participants as early as mid-July.
The Next Target
The cryptocurrency market decline witnessed at the end of last week and the start of the new one has negatively affected Ethereum’s (ETH) price, which briefly tumbled below the $3,000 mark. In the past 24 hours, though, bulls stepped in, pushing the valuation above that level.
Many crypto enthusiasts seem unfazed by the latest crash, predicting a strong rally for ETH in the foreseeable future. Lucky—an X user with over 2 million followers—described the asset’s plunge below $3,000 as “a natural gift.” However, he cautioned investors to keep an eye on the sector in the next few days before making “any big moves.”
Mikybull Crypto believes ETH’s price has “fully completed its retest on the bull pattern breakout,” expecting an uptick to as high as $4,000.
McKenna and Poseidon were even more bullish. The former set a target of $5,000, while the latter forecasted a new peak of as high as $8,000 to be reached sometime next year.
One major factor that could trigger an upward momentum is the eventual official launch of spot Ethereum ETFs in the United States. Recall that the US Securities and Exchange Commission (SEC) approved eight such products but they are not live yet. According to Bloomberg’s Eric Balchunas, July 18 seems like the “best guess” for a launch date.
Previous Predictions
The X users Captain Faibik and Crypto Tony were among those touching upon ETH’s price trajectory during the market correction. The former recommended buying the dip, forecasting that the asset will “bounce back.”
Crypto Tony suggested that everything would be under control as long as bulls held the important resistance level of $3,270. However, ETH dipped well below that mark, currently trading at less than $3,100 (per CoinGecko’s data).
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