Ethereum

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<p>The post <a href="https://coinpedia.org/price-analysis/ethereum-eth-price-prediction-will-eth-price-hit-new-ath-this-june/" rel="noopener noreferrer nofollow">Ethereum (ETH) Price Prediction: Will ETH Price Hit New ATH This June?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The altcoin leader, Ethereum Price, has added approximately 20% to its portfolio this month, indicating a strong bullish reversal in the crypto market. Moreover, with the rising speculations of an AltSeason soon, the ETH price continues to hover above its important support level.</p>
<p>Post-approval of the ETH ETF, Ethereum-based tokens have displayed increased price volatility, indicating the rising interest of investors in these altcoins. With its price on the verge of reclaiming the $4,000 mark, will the <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noopener noreferrer nofollow">ETH price</a> record a new high soon?</p>
<p>Moreover, will the upcoming altcoin season result in the second-biggest cryptocurrency by market cap achieving the milestone of $5K during the upcoming months?</p>
<p>Dive in as, in this article, we have covered the short-term price analysis and on-chain sentiments of ETH tokens.</p>
<h2 class="wp-block-heading" id="h-eth-coin-price-displays-a-bullish-price-action">ETH Coin Price Displays A Bullish Price Action:</h2>
<p>After displaying a neutral trend by trading in a closed range between $3,017 and $3,400 for over three weeks, the ETH coin price regained momentum following the approval of the spot Ethereum ETF. This resulted in the altcoin adding 28% to its portfolio within a short period.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/MO6--AEf-8BNBvugaR3h169t5DlW9XuPrdJMI0GJqQ9cHC97A-Nvo3Ee60Bm__s8Axcy5xTyTyHxOUJ04NtSciyytZlaAyatJM6o_QW1a-SfpOurUL548sikFvnYVq1ZnKIukJ9O0DIGG2vVqevlM34" alt="Ethereum Price Prediction">
 <figcaption class="wp-element-caption">
  TradingView: ETH/USDT
 </figcaption>
</figure>
<p>Positively, the ETH price has added 1.81% within the past day with a trading volume of $18.552 Billion (+4.86%). Further, at the time of writing, the price of <a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum crypto</a> was $3,908 with a circulating supply of 120,137,632 ETH tokens.&nbsp;</p>
<p>Furthermore, the Ethereum crypto had formed a bullish flag pattern in the 1D day time frame, and with the bullish price action over the past weekend, the ETH price successfully broke out of it, indicating a positive outlook during the upcoming time.</p>
<h2 class="wp-block-heading" id="h-ethereum-on-chain-sentiments">Ethereum On-chain Sentiments:</h2>
<p>The exchange reserves of Ethereum tokens show a constant decline since mid-2020, indicating an increase in the adoption of cryptocurrencies in the cross-border financial system. Moreover, with the decrease in the exchange reserves, the number of long-term investors has recorded significant growth.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/kJuzlWnoJ1YKSARTqQr95nddrhx5QNFqjWjXFbVbNwf40HXm6301JiLEPiABUokzUf9sIPFK5yvHmdnIX9msAq2nUsEiAScMw5L7eJB-7QZVFdyP9ZRtcUEIfZVb1cgI8BW20ztNvyaXNgtTaHUQxys" alt="">
 <figcaption class="wp-element-caption">
  Source: CryptoQuant
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</figure>
<p>Moreover, during the last trading week of May 2024, the exchange reserves of ETH tokens have recorded a 6-year low with a recorded value of only 13.905 Million. This highlights a decline in the selling of Ethereum tokens and increasing Hodlers in the cryptocurrency market.</p>
<p>This decrease in the supply could potentially allow the Ethereum (ETH) price to reach the $10,000 level.</p>
<h2 class="wp-block-heading" id="h-eth-token-market-sentiments">ETH Token Market Sentiments</h2>
<p>The Simple Moving Average (SMA) displays a sharp uptrend in the 1D time frame, highlighting a strong bullish reversal in the crypto space.</p>
<p>On the other hand, the Relative Strength Index (RSI) continues to trade above the overbought range with its average showing a rising bullish sentiment. This suggests that the altcoin leader, ETH price will continue gaining value in the coming time.</p>
<h2 class="wp-block-heading" id="h-will-the-ethereum-price-go-up">Will The Ethereum Price Go Up?</h2>
<p>If the market continues to gain momentum, the Ethereum price will test its resistance level of $4,094.75. Maintaining the price at that level will set the stage for the ETH coin price to prepare to retest its upper resistance level of $4,500 during the upcoming weeks.</p>
<p>Conversely, if a bearish trend reversal occurs, the altcoin leader will retest its support level of $3,727. Moreover, if the bulls fail to regain power at that point, the bulls will further plunge and prepare to test their lower support level of $3,400 in the coming time.</p>

Ethereum (ETH) Price Prediction: Will ETH Price Hit New ATH This June?

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