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.
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 ETH price record a new high soon?
Moreover, will the upcoming altcoin season result in the second-biggest cryptocurrency by market cap achieving the milestone of $5K during the upcoming months?
Dive in as, in this article, we have covered the short-term price analysis and on-chain sentiments of ETH tokens.
ETH Coin Price Displays A Bullish Price Action:
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.
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 Ethereum crypto was $3,908 with a circulating supply of 120,137,632 ETH tokens.
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.
Ethereum On-chain Sentiments:
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.
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.
This decrease in the supply could potentially allow the Ethereum (ETH) price to reach the $10,000 level.
ETH Token Market Sentiments
The Simple Moving Average (SMA) displays a sharp uptrend in the 1D time frame, highlighting a strong bullish reversal in the crypto space.
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.
Will The Ethereum Price Go Up?
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.
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.
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