Breaking the $3,800 resistance could propel Ethereum towards a long-term bullish run, with targets as high as $4,500, backed by strong metrics like IOMAP.
Although there are risks if ETH falls below $3,505, market sentiment and van de Poppe's analysis remain bullish, anticipating momentum into 2025.
Ethereum is testing a key resistance zone at $3,800, which could serve as a springboard for its price resurgence. Michael van de Poppe, a well-known cryptocurrency analyst, has suggested that if ETH manages to surpass this level, it could resume its upward trajectory, with the possibility of maintaining momentum into 2025.
Based on a recent revelation from CNF, the prediction of a significant bullish run for Ethereum Classic in 2024 aligns with Michael van de Poppe's confidence in Ethereum (ETH)'s ability to maintain its current bullish run, even after its recent struggle to hold the $4,000 level.
Currently trading at $3,929.46, ETH has risen 7.39% in the last day and 2.17% in the last week. Van de Poppe considers Ethereum's pullback a natural market correction and an ideal opportunity for investors to accumulate ETH at discounted prices.
Key metrics indicate bullish potential
Supporting van de Poppe's optimistic outlook is the In/Out of Money Around Price (IOMAP) metric, which highlights strong support for ETH in its current trading range of $3,715. This data suggests that buyers are active at this level, setting the stage for a potential price increase.
If Ethereum surpasses the resistance between $3,830 and $4,274, the asset could rise to $4,096 and possibly $4,500 in the best-case scenario. However, this outlook depends on increased trading volume and the bulls' ability to prevent ETH from falling below its crucial support at $3,505.
Risks and outlook
While short-term corrections are not unusual, van de Poppe warned that failure to maintain the $3,505 support could lead to a significant drop, potentially retreating to $3,182. Despite this risk, market sentiment remains largely positive, and many analysts, including van de Poppe, expect Ethereum to regain its bullish momentum by the end of this month.
The broad consensus points to a sustained bullish run as ETH continues to solidify its position as a leader in the cryptocurrency market heading into 2025.
