The cryptocurrency community, after experiencing a fretful week, has seen signs of market recovery on the horizon.

As Bitcoin and other cryptocurrencies begin to exhibit a pause to plummeting prices, the overall market has shown a 4.15% increase in market cap.

After experiencing a fretful week, the cryptocurrency community has seen signs of market recovery on the horizon. As Bitcoin and other cryptocurrencies begin to exhibit a pause to plummeting prices, the overall market has shown a 4.15% increase in market cap.

Among altcoins, Ethereum showed a price increase of 5.09% in the last 24 hours. Previously, in the past week ETH, following in Bitcoin’s footsteps, slid down by 11.20% and found support at levels below $3K. It began the week trading at $3,454, subsequently sliding down to a monthly low of $2,810 on July 5. At the time of writing, Ethereum was trading at $3,066 according to CMC data.

Zooming out over the past month, the token shows a price performance of 16.78% decline. At the beginning of June, ETH was trading around the $3.7K level after breaking resistance levels at $3,000 and $3,500. However, as bears took over, the rest of the month witnessed the token correcting to levels below $3500.

Ethereum 24H Price Analysis

In the last 24 hours, ETH price witnessed an upward movement as the overall market showed signs of recovery. The token was trading at the $2900 level, when bullish candles appeared, propelling prices to break resistance at $3K. According to TradingView data, the altcoin recorded an intra-day high of $3,085.

ETH/USDT Daily Price Chart (Source: TradingView)

Meanwhile, the short-term 9-day MA stands above the current trading price indicating an overall bearish trend. Additionally, the RSI stands at 37.31 indicating a continuing selling pressure on Ethereum. Coinglass data reports that ETH recorded a $65 million liquidation in the last 24 hours underscoring the selling pressure.

However, as the token remains in the consolidation phase, the coming days will determine the sustenance of its price recovery. Notably, market analysts have stated that if the token sustains the market recovery, bullish trends can be expected in the coming weeks.

Moreover, TheNewsCrypto analysts have predicted that in case of a bull run, ETH will hit $5826.98 in 2024. On the other hand, if Bears stage a comeback, Ethereum will slide down to a bearish price of $2729.44.

Relatedly, the spot Ethereum ETF launch process witnessed VanEck and 21Shares updating their S-1 filings to receive SEC approvals.

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