Key Takeaways
- Ethereum’s price gains strong volume following a recent increase in activities in its ecosystem.
- Crypto experts share market sentiment ahead of a strong ETH price rally, as the price has the potential to hit $8k.
- Technical indicators and market sentiment favor a strong bullish ETH rally as the price nears the monthly close.
The price of Ethereum (ETH) continues to maintain its fine bullish form following a strong price rally from a low of $1,380 to a region of $2,730, seeing over 90% price rally with the price of ETH breaking above its bearish downtrend to the upside as price aims to continue strongly to the upside.
Market sentiment and technical indicators are all favoring Ethereum’s (ETH) price action, as its community sentiment suggests over 80% of voters favor a bullish market sentiment for ETH, with the price trading above the key support level of $2,000 on the daily timeframe.
Recent on-chain activity increases, such as the rise in active addresses and total value locked (TVL), have contributed to ETH’s strong rally from its weekly low to a high of $2,730. The price has more potential to rally towards $3,000, which would confirm bullish price dominance.
After suffering a minor price retracement in the last few days around $2,500, the price of ETH is back trading above $2,677 as the price attempts to break out to the highs of $2,700 to $2,800 for a better price rally ahead of the monthly close.
Ethereum’s breakout is an optimistic one following the recent Bitcoin price reclaiming its position back above its all-time high of $111,000 after a brief price decline heading into the weekend. With the price poised for a major run, ETH is expected to follow suit and reach a potential high of $4,000.
Ethereum Price Analysis And Market Sentiment
Source – CryptoPatel ETH Analysis From X
CryptoPatel, in his X post, has suggested that he believes the price of ETH is still on track to reach its historical highs of $8,000 to $10,000, as he expects the current bullish price action for ETH to continue to the upside.
While crypto experts have called for such highs for ETH, many believe a key area of interest for the ETH bullish rally remains $4,500 as a breakout, and a close above this zone would signal a strong bullish rally to new highs.
Source – ETH 1D Price Chart From TradingView
A key region for whales and traders of ETH remains at its current high of $3,000, as a price break above this zone would likely sustain a strong uptrend toward $4,000. The price could phase through strong psychological resistance at $4,800.
Overall, market sentiment for ETH is bullish, as the price is expected to maintain its bullish dominance and reach a new key resistance ahead of the monthly close. June is anticipated to be a strong opportunity for ETH bulls to build on this current price action.
