Ethereum Price Prediction: Can ETH Surpass 5K in July?
Ethereum is showing encouraging signs of gaining momentum against Bitcoin, with bullish indicators and the launch of new ETFs on the horizon. The current price stability suggests potential for upward trends. Could ETH hit $5K in July? Let's take a look at this Ethereum price prediction in more detail.
How has the Ethereum Price Moved Recently?
Ethereum is currently priced at $3,466.80, with a 24-hour trading volume of $11.30 billion. It has a market cap of $416.49 billion and holds 17.88% of the market dominance. Over the last 24 hours, ETH's price has dipped by 0.90%.
Ethereum's peak price was $4,867.17 on November 10, 2021. Its lowest price was $0.420897 on October 21, 2015. Since reaching its all-time high, the lowest point was $897.01, while the highest rebound was $4,094.18. The current sentiment for Ethereum price prediction is neutral, and the Fear & Greed Index stands at 51, indicating a neutral market sentiment.
Ethereum's circulating supply is 120.14 million ETH, with a yearly supply deflation rate of -0.24%, equating to a reduction of 292,161 ETH over the past year.
Ethereum Price Prediction: What is The Expected Scenario?
On July 1, Ethereum's price briefly surged above the $3,500 mark. However, delays in the launch of ETH ETFs could hinder this rally. Technical indicators suggest that Ethereum bulls must strongly defend the $3,300 support level in the upcoming week to maintain momentum.
The bullish momentum aims for an initial target around $3,500, possibly extending to $3,641.82. Yet, breaching the support at $3,360.31 could stall this bullish trend, exposing Ethereum to potential bearish correction. Given these figures, forecasts cast doubt on Ethereum reaching $4,000, especially in the first week of July. However, with upcoming launches on the horizon, expectations and forecasts could shift significantly.
Will Ethereum Price Touch $5000 mark in July 2024?
Analyzing Ethereum's current trajectory and recent performance metrics, the question of whether it will reach the $5,000 mark by July 2024 hinges on several key factors. Over the past year, Ethereum has demonstrated impressive growth, with its price surging by 78%, outpacing a majority of the top 100 cryptocurrencies. This upward momentum is underscored by its trading position above the 200-day simple moving average, a technical indicator of sustained bullish sentiment.
However, Ethereum's recent volatility is notable, with only 43% of the last 30 days recorded as green days. Despite this, Ethereum maintains medium liquidity relative to its market cap, indicating a solid foundation for trading activity. Additionally, Ethereum's yearly inflation rate remains negative at -0.24%, reflecting a decrease in supply that could potentially bolster its value.
Comparatively, Ethereum has been outperformed by Bitcoin in recent months, suggesting a competitive landscape where Ethereum's growth is influenced by broader market trends and investor sentiment. These dynamics underscore both the potential for Ethereum to continue its upward trajectory and the challenges it faces in reaching new price milestones such as $5,000 by July 2024.
While the path to $5,000 in the near term appears optimistic given Ethereum's recent performance and market conditions, it will likely depend on sustained bullish sentiment, successful launches of ETH ETFs, and broader market dynamics aligning favorably. Investors and analysts will closely monitor these factors to gauge Ethereum's potential to achieve significant price milestones in the coming months.
Read more: https://cryptoticker.io/en/ethereum-price-prediction-july
Text source: CryptoTicker
