As the biggest altcoin, Ethereum is known as a trendsetter for the many directly and indirectly linked altcoins. Moreover, with the biggest crypto, Bitcoin, taking centre stage in a bullish recovery, the ETH price prediction teases a bullish trend continuation to $2500. As 2024 approaches, anticipating a new bull run fueled by the Bitcoin Halving event creates a new Hopium rally.
Will this recovery gain enough momentum to push the ETH price above $2200, or will sellers manage a counterattack?
Buyers Holding Dominion Over The 4H Chart
Source – TradingView
With the improving sentiments in the market, the ETH price jumps with increased trading volume and teases a prolonged uptrend. Following the short-term retracement leading to a consolidation, the Ethereum price trend regained bullish consciousness.
Dominating the 4H chart slowly, the growing underlying demand forms a rounding bottom pattern with a neckline at $2129. Further, the positive trend reversal comes with a boost in the intraday trading volume.
Currently, the ETH price trades at $2095 with an intraday growth of 2.02%, forming a bullish engulfing candle in the daily chart. Therefore, with such bullish signals reflecting a boom in underlying demand, Ethereum’s price may soon skyrocket beyond $2200.
Technical indicators:
RSI indicator: The 4H RSI line takes a bullish turn, but the daily RSI line struggles to take off from the halfway line. Nevertheless, this reflects that the recovery is still in the early stages and may take some time for a breakout.
Is ETH Price Ready to Hit $2500?
A close look at the technical charts reveals that the price of Ethereum has been on a steady uptrend, buoyed by a rounding pattern. The price will likely break through the upper resistance level of $2129, triggering a surge in buying pressure. Optimistically, the breakout rally can reach the $2500 mark.
On the flip side, a reversal can plunge the ETH price back to $2000.
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