Altcoins
Impact of ETH ETF Launch on Ethereum and Altcoins
With the Ethereum ETF Begins Trading TodayThe broader market is anticipating a rise in Ethereum and altcoins. Despite a recent 2.69% drop in ETH price, the hype is underestimated and points to a potentially slow start.
Nevertheless, a potential positive inflow and initial hype could push Ethereum and altcoins higher this week. So, let’s take a closer look at Ethereum price analysis and other top altcoins that are likely to surge this week.
Ethereum Drops Ahead of ETF Launch: Will ETH Surpass $4,000?
With a bearish Monday, Ethereum Bitcoin price starts the week down 2.69% and tests the 50D EMA. In the short term, the sideways move above the dynamic support presses the pause button on the 20% recovery rally from $2,880.
Despite the bullish struggle to reach the upper resistance trendline, Ethereum ETF trading today could push prices higher. MACD signal lines are losing the gap and warning of a bearish crossover.
If the bullish trend is considered to be accelerating, ETH price could break above the upper trendline and the 50% trend-based Fibonacci level at $4,141. On the optimistic side, the bullish trend could reach $5,402 by the end of this week if the ETF’s netflow remains positive.
Solana’s Struggle at $190 Hints at Price Drop
With a double bottom reversal from $128, the SOL Price is up 37%, including the 4.70% decline from the $185 peak. The SOL price recovery rally is teasing an inverse head and shoulders pattern with the neckline at $188.
A potential break of the $190 peak would release the stalled momentum for a boost to $250. With the Ethereum ETF starting trading today, the Solana bull run could gain momentum as the SOL ETF is the next likely altcoin ETF.
Therefore, in the coming weeks, Solana is expected to reach the $346 mark or the 2.618 Fibonacci level.
Dogecoin (DOGE)
With a breakout of the bearish channel, the DOGE Price has broken above the merged 50D and 200D EMAs. Moreover, the recovery rally represents a 27% increase over the last 12 days. Currently, the meme coin is retesting the broken trendline and dynamic supports.
With a post-retest rally fueled by a broader market recovery, the meme coin could challenge the 50% trend-based Fibonacci level at $0.1589. A potential gold crossover will fuel the breakout rally to reach the $0.24 mark in the coming weeks.
Also see: Is the bull run starting? Key signs point to a rise in cryptocurrencies