Ethereum Price: 30% Surge to $5,000 Could Spark Altcoin Season

Key Points

- Ethereum price recovers after holding $3,400 support, a daily close above $3,600, coupled with the upcoming launch of an exchange-traded fund (ETF), could trigger a major rally to $5,000, igniting altcoin season.

- ETF analysts expect Ethereum ETF to start trading on July 2.

- Crypto Fear & Greed Index drops to 64, calling on investors to buy on dips.

- Bitcoin re-enters $65,500, with sentiment showing investors starting to take advantage of dips.

- Ethereum price rises 1.3% in 24 hours, with a 0.81% increase in market cap, but a 30% drop in trading volume could affect future growth.

- The U.S. Securities and Exchange Commission (SEC) approved the listing of an Ethereum spot ETF, expected to start trading on July 2, which could spark new interest in ETH and other altcoins.

- Analysts expect this to be a pivotal moment for altcoins such as Solana, XRP, and Dogecoin, which could lead the entire crypto market to strength.

- Ethereum prices are recovering and are currently above the 20-day and 50-day exponential moving averages. A daily close above the $3,600 resistance could trigger a breakout above $4,000 and even close to $5,000.