Ethereum Rally Not Over, Analyst Says
According to Van de Poppe, ETH is trading in a range, which provides an opportunity to accumulate at a discount. The analyst said the recent price drop is normal.
However, he pointed out that the price of ETH is testing a key resistance zone, which may confirm the uptrend. From the chart shared by Van de Poppe, the resistance zone seems to be between $3,800. Therefore, if the cryptocurrency breaks through this area, the bull run of Ethereum may resume from later this month and last until 2025.
'Ethereum actually provides a good accumulation opportunity. After testing the new resistance zone, there was a standard pullback. "I think we will continue from the end of this month to the new year," the analyst wrote.
Usually, the higher the volume of a currency in the price range, the stronger the resistance or support. Therefore, if the out-of-the-money volume is high, there will be strong resistance. However, if the real-money volume is high, the support is strong.
ETH's volume was much higher at $3,715, and between $3,830 and $4,274. In the current scenario, the bull run in Ethereum might continue soon and the price might move up to $4,500.
ETH Price Prediction: $4,500 Just Around the Corner?
On the daily chart, the Ethereum price continues to trade above the descending triangle. This suggests that the cryptocurrency might not experience a major correction despite the recent decline.
However, for the price to move higher, the volume must increase. Apart from this, the bulls need to protect ETH from falling below $3,505. It looks like the bulls might defend this support.
If confirmed, the price of Ethereum might move up to $4,096 and in a very optimistic scenario, it might reach $4,500. This view would be invalidated if the bears allow the price to sink below $3,505 and could result in a drop to $3,182.