Cryptocurrency analyst Michael van de Poppe believes that the Ethereum (ETH) bull run in 2024 remains intact, even after failing to hold above $4,000. Sharing his views on X (formerly Twitter), he outlined key factors supporting his stance.
As of the time of writing, ETH is trading at $3,716. This raises the question: can Ethereum reclaim higher levels in the coming weeks?
The Ethereum Bull Run is Not Over, Analyst Says
According to van de Poppe, ETH is trading within a range that provides an opportunity to accumulate at a bargain. In his article, the analyst noted that the recent price drop is normal.
However, he mentioned that the price of ETH is testing an important resistance area that could confirm a rise. Looking at the chart shared by van de Poppe shows the resistance area is around $3,800. Therefore, if the cryptocurrency breaks through this zone, the Ethereum bull run could continue from where it left off at the end of this month and extend into 2025.
"ETH truly offers a great opportunity to accumulate. The standard pullback after testing a new resistance area. I expect us to continue running from the end of this month into the new year," the analyst wrote.
Daily Analysis of Ethereum. Source: X/Twitter
Interestingly, van de Poppe's outlook seems to align with the indicators shown by In/Out of Money Around Price (IOMAP). IOMAP classifies addresses based on who has accumulated at lower prices compared to the current price and who has done so at higher prices.
Typically, the more money volume within a price range, the stronger the resistance support. Therefore, if there is a larger volume of money in the outer range, there is strong resistance. But if the larger volume lies within the inner range, then support is strong.
As seen below, the volume of ETH at $3,715 is much higher than from $3,830 to $4,274. With current conditions, the Ethereum bull run could soon continue, and the price could rise to $4,500.
Ethereum In/Out of Money Around Price. Source: IntoTheBlock
ETH Price Prediction: Is $4,500 Coming?
On the daily chart, the price of Ethereum continues to trade above the descending triangle. This indicates that, despite the recent decline, this cryptocurrency may not undergo a significant correction.
However, to maintain the price increase, trading volume must rise. Additionally, investors must protect ETH from dropping below $3,505. Based on the current situation, investors can protect this support level.
Daily Analysis of Ethereum. Source: TradingView
If confirmed, the price of Ethereum could rise to $4,096, with a high positive scenario potentially driving the price up to $4,500. If investors reassess the price below $3,505, this outlook could be invalidated, potentially leading to a drop to $3,182.
