Ethereum’s ‘failed’ breakout – When will ETH’s price breach $3.5K?
How did Ethereum's price react after the bullish trend on June 28?
Ethereum's price experienced a drop of over 3% after the bullish trend on June 28. This led to both its weekly and daily charts showing a bearish outlook. The altcoin's price was trading at $3,391.51 with a market capitalization of over $407 billion at the time of writing.
What was the result of Ethereum's recent rejection from the bullish wedge?
Ethereum's recent rejection from the bullish wedge pattern led to a price drop of over 3%, with the altcoin trading around $3,391.51. This rejection dampened expectations of a potential 30% surge that could have pushed Ethereum above the $4,000 mark1. The current market sentiment remains bearish, with some metrics suggesting a possible recovery.
Could Ethereum's price potentially rise above $4,000 after a breakout?
Yes, Ethereum's price could potentially rise above $4,000 after a breakout, as suggested by some analysts. Factors such as the approval of spot Ether ETFs, increased institutional demand, and a decreasing Ether supply on exchanges could contribute to this price increase. However, it is important to note that the cryptocurrency market is volatile and subject to change.