Markets
Cryptocurrency Market Sees New Bullish Period With Listing of ETH ETFs
With a huge bullish move on June 19, the cryptocurrency market cap jumped 3.41% to $2.376 trillion. The sudden ballistic move in the market came with the official announcement of the Ethereum ETF Listing Next Week.
Overall market sentiment improves in the blink of an eye, Bitcoin and major altcoins’ bullish trend accelerates. With Bitcoin outperforming Ethereum, major altcoins are poised to end the week on a positive note.
Will this surge cause Bitcoin to surge to $84,000 or Ethereum to surge to $5,000? Will major altcoins return to their all-time highs? Let’s find out more.
Largest cryptocurrency targets $84,000 in Q3 2024
With an upward jump of 4.29% last night, Bitcoin The stock price of the largest cryptocurrency, with a market cap of $1.313 trillion, is up 20% after briefly surging above the $67,000 level.
The uptrend breaks above the short-term resistance trendline, the 50D EMA, and the 50% Fibonacci retracement level at $64,766. With a strong momentum rally, the overhead resistances fail to stop the massive BTC price rise.
Approaching the overhead resistance trendline, the breakout rally and the 4.29% bullish engulfing candle hint at a jump to $72,000. According to the Fibonacci levels, the cryptocurrency price could reach the $84,696 mark.
Ethereum Resurfaces Above $3,5000
With a jump of 7.92% this week after the increase of 10.77% last week, the ETH Price The stock is teasing a double bottom reversal in the 1W chart. After bouncing off the 50D EMA, the cryptocurrency bull run in the 50% and 78.60% Fibonacci levels is accelerating.
With the latest news regarding the listing of Ethereum ETF on July 22, the price of ETH could surpass $3,859 or the 78.60% Fibonacci level. According to the trend-based Fibonacci levels, the cryptocurrency bullish trend could surpass the psychological level of $5,000 to reach $5,402.
Solana’s renaissance heralds new all-time high
With a recovery as the broader market recovers, the SOL Price Solana stock price hit the $170 mark and is up 15% this week. After last week’s 12% jump, Solana’s rebound suggests a surge beyond the psychological $200 mark.
On the way to reclaiming the Fibonacci level at 23.60%, the bullish crossover of the MACD and the signal lines reinforce the bullish cycle. If the uptrend continues, the Fibonacci levels draw a target near the psychological threshold of $400 for a new all-time high.
The Return of the Underrated Crypto: XRP
XRP price trend reversal breaks above the upper trendline and the 23.60% Fibonacci level. With a 15% jump this week and 24% last week, the XRP Price is heading towards a return to the psychological level of $1.
With a bullish crossover in the MACD and signal lines, XRP’s breakout rally is reviving the bull run. If the uptrend gains momentum, the crypto price could reach the $1.56 mark.
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