The cryptocurrency market has displayed a strong bullish price action over the past weekend. This resulted in the price of Ethereum reclaiming the $3,300 mark. Further, with the increased bullish sentiment, the ETH price is predicted to record positive action this week.

Moreover, with the recent market surge, the Ethereum token’s market capitalization has crossed the $400 Billion mark and is currently valued at $404.72 Billion. With this, investors are concerned about “Will Ethereum hit 5K?” and “Will ETH Rise Again?”.

Scroll down as, in this article, we have covered the market sentiment, price analysis, and possible short-term price targets of ETH price. To find out if the Ethereum token will hit $10K this bull rally, read CoinPedia’s detailed analysis of the Ethereum price prediction.

ETH Coin Price Action:

The Ethereum price has started the week on a positive note by adding 5.67% to its portfolio over the past two days. Moreover, the altcoin has recorded 5 out of 7 positive days during the previous week, highlighting increased buying pressure.

Moreover, with the ongoing bullish price action in the crypto space, the ETH price is on the verge of testing its resistance trendline of the descending channel pattern, the outcome of which is unpredictable.

With a jump of approximately 5% within the past day, the Ethereum token has reclaimed the $3,300 mark. Furthermore, the altcoin leader has surged 11.76% over the past seven days, indicating an increase in the bullish sentiment within the cryptocurrency market.

Ethereum Market Sentiments:

The Relative Strength Index (RSI) has surpassed its mid-point and is headed toward its overbought range. This indicates a strong bullish reversal in the crypto space. Moreover, the average trendline shows a positive curve, suggesting the ETH price will continue gaining value this week.

The MACD indicator displays a constant rise in the green histogram, highlighting an increase in the buying pressure. Furthermore, the averages have recorded a bullish convergence, indicating a positive outlook for the altcoin leader in the crypto space.

Will ETH Price Hit $4K This July?

If the Ethereum price breaks out of its resistance trendline of the channel pattern, the bulls will prepare to test its upper resistance level of $3,700. Maintaining the price at that level will set the stage for ETH crypto to head toward its upper high of $4,000 in the coming time.

Conversely, a bearish trend reversal could pull the Ethereum price toward its low of $3,000 this July.