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The crypto markets are showing a varied trend as bulls and bears are showing their strength at short intervals. While Bitcoin price fell below $59,000, Ethereum price plunged to almost $3,200 but recovered well above $3,400. Prices have slipped slightly below the levels but there is a possibility that they may revisit the levels above $3,500 in the next few days. The current trading situation suggests that ETH price is preparing for a massive upswing as the second-largest token is about to fly to the moon.

After breaking out of the triangle, ETH price rose by almost 30% but failed to rise above $4,000. After a rejection, the token is stuck in a steep downtrend, forming consecutive lower highs and lows, showing the increasing strength of the bears. The correction was canceled as the market awaits positive fundamental leverage. Therefore, the token is expected to test liquidity at the lower range before a price increase.

ETH price is again moving towards the lower support zone, which is expected to trigger a nice rebound like before. The Ichimoku cloud was bullish, but the levels are approaching a bearish cross, suggesting that the price could undergo an extended downtrend and reach the support zone between $3284 and $3324 before triggering the next bullish jump.

The second largest is currently stuck in the correction phase, gathering potential before the trend potentially grows, with the aim of reaching a new all-time high. The main focus is on the ETH ETF, which is rumored to go live in the first week of July and is expected to be another positive signal for the crypto markets and the price rise of Ethereum (ETH). The token is seeing an increase in the number of active wallets, and therefore traders are actively buying call options with a strike price of $4,000 and a September expiration.

With the final round of negotiations between issuers and regulators underway, Ethereum (ETH) price is expected to see a renewed upswing towards a new all-time high in the second half of the year.