• Ethereum’s recovery rally shows a price jump in the last 48 hours, with $52M in short-side liquidations.
  • The weekly chart reveals a failed double top formation.
  • The increasing likelihood of an Ethereum ETF listing on July 15 could act as a catalyst for a bull run.

Ethereum’s recovery rally has gained momentum, with the price jumping in the last 48 hours, as Bitcoin sustains its position above the crucial $56,000 support level. The recent surge in ETH’s price, coupled with $52M in short-side liquidations, suggests that the bearish grip on the Ethereum price trend is loosening.

With the market anticipating a bull run in ETH, the hopes of a bullish rally to a new all-time high have resurfaced. This raises the question: Will the Ethereum price prediction of reaching $10,000 come to fruition, or will this crash lead to a revised market prediction?

Ethereum Price Performance Analysis

Boasting a market capitalization of $368 billion, Ethereum stands tall as the largest altcoin and the second-biggest cryptocurrency, second only to Bitcoin. 

The weekly chart reveals an interesting price action for Ethereum, with a failed double top formation and a neckline at $2,844, which coincides with the 50% Fibonacci retracement level.

The broader cryptocurrency market recovery teases the possibility of a massive jump in the altcoin segment. Moreover, with the increasing likelihood of an Ethereum ETF listing this month, as per Bloomberg analyst James Seyffart, the ETH price is poised for a significant boost in the coming weeks.

Also want to add. I have fairly low confidence in those launch date predictions at this point. Theres no deadline & SEC's Corp Fin is taking their time here (I dont blame them). But these changes were very minimal and idk why the ETFs wouldn't be ready to go within a couple weeks

— James Seyffart (@JSeyff) July 3, 2024

As the anticipation of a broader market recovery grows stronger, ETH’s price is on the verge of a substantial recovery. The increasing likelihood of an ETH ETF getting listed on July 15 could further fuel the upcycle, providing additional momentum to the bull run.

As the market anticipates a bull run in Ethereum, the question of whether ETH will reach the coveted $10,000 mark remains at the forefront of investors’ minds.