Ethereum (ETH) Price Prediction: Will Ether (ETH) Reach $10000 as the Recovery Rally Gains Momentum?

Outperforming Bitcoin last night, the ETH price surged by 7.38%, creating a massive bullish engulfing candle to cross above $3,400. Further, the SEC is avoiding

The price of ETH surged by 7.38% last night, outperforming Bitcoin and creating a massive bullish engulfing candle to cross above $3,400. However, the SEC is yet to comment on the recent submission of S-1, and the final versions will be submitted on Wednesday.

With the recovery rally gaining momentum, the trend is reversing in Ethereum. So, will the Ethereum price prediction hold true with Ether reaching $10,000?

The price of ETH is making a rounding bottom reversal as the market cap of Ethereum crosses above $400 Billion. The turnaround rally from $2,880 continues a streak of bullish candles as the price of Ether reclaims the $3,000 mark.

The reversal rally resurfaces above the broken support trendline and is heading higher to reach $3,500. Moreover, the neckline for the rounding bottom pattern is at $3,500, making it a crucial supply level.

With a massive jump of 7.38% last night, the price of ETH witnesses a short 1.10% dip today and trades at $3,447. The rally could continue in the second half of the day as the bullish exhaustion leads to a minor drop.

Technical Indicator

RSI: The hike in demand with the recovery rally pumps the RSI line above the halfway line, which is close to the overbought zone.

MACD: The bullish crossover in the MACD and signal lines in the daily chart bolsters the uptrend.

Will ETH Price Surpass $3,500?

As the listing of the Ethereum ETF nears, the broader market sentiment anticipates a bull run in ETH prices. The price of ETH is likely to surpass the $3,500 level with the bullish indications.

The trend-based Fibonacci level indicates the next target levels at $4,141 and $5,402 with the breakout at $3,500.

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