Ethereum Bull Run to Restart Soon, Crypto Analyst Predicts
Cryptocurrency analyst Michael van de Poppe believes that the 2024 bull run for Ethereum (ETH) remains intact even if it fails to sustain $4,000 levels. He shared his insights on X (formerly Twitter), outlining the key factors supporting his view.
As of this writing, ETH is trading at $3,716. This raises the question: Can Ethereum recover to higher levels in the coming weeks?
Ethereum rally isn’t over yet, analysts say
According to Vanderpop, ETH is trading in a range This provides the opportunity to accumulate at discounted prices. The analyst noted in the post that the recent price decline is normal.
However, he mentioned that the price of ETH is testing a key resistance area that could validate the rise. The chart shared by van de Poppe shows that the resistance zone lies between $3,800. Therefore, if the cryptocurrency breaks out of this area, the Ethereum bull run could continue from where it left off later this month into 2025.
“ETH actually presents an excellent accumulation opportunity. A standard correction followed by a test of a new resistance area. I expect we’ll see this continue from later this month into the New Year.” Analyst wrote.
Interestingly, van de Poppe’s sentiment appears to be in line with signs shown by Price In/Out of Money (IOMAP). IOMAP classifies addresses by address accumulation Those priced lower than current prices and those priced higher.
Typically, the greater the number of coins within a certain price range, the stronger the support against the resistance. Therefore, if the deposit amount is large, there will be strong resistance. But if the currency volume is larger, the support is stronger.
As shown below, Ethereum quantity $3,715, well above the price range of $3,830 to $4,274. Under the current circumstances, the Ethereum bull run may continue soon and the price may rise to $4,500.
ETH Price Prediction: Is $4500 Coming?
On the daily chart, Ethereum’s price continues to trade above Descending triangle. This suggests that despite the recent pullback, the cryptocurrency may not experience a major correction
However, in order for prices to rise, trading volume must increase. Beyond this, bulls must prevent ETH from falling below $3,505. On the face of it, bulls may defend this support level.
If confirmed, Ethereum price A climb to $4,096 is possible, with a highly bullish scenario pushing it to $4,500. This outlook could become invalid if the bears sink the price below $3,505 lead to decline to $3,182.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
