Crypto analyst Michael van de Poppe believes that the 2024 Ethereum (ETH) bull run is here to stay, even after failing to sustain $4,000. Sharing his views on X (formerly Twitter), he highlighted the key factors that support his view.
At the time of writing, ETH is trading at $3,716. This begs the question: can Ethereum reclaim higher levels in the coming weeks?
Ethereum Price Rally Isn’t Over, Analyst Says
According to van de Poppe, ETH is trading in a range that offers accumulation opportunities at bargain prices. In his article, the analyst noted that the recent price decline is normal.
However, he mentioned that ETH price is testing a key resistance area that could confirm the resurgence. Looking at the chart van de Poppe shared shows the resistance area is between $3,800. So, if the cryptocurrency breaks through this zone, the Ethereum bull run could continue from where it left off later this month and last until 2025.
“ETH really provides a great opportunity to accumulate. The standard correction follows a test of a new resistance area. I expect us to continue running from the end of this month into the new year,” the analyst said write.
Interestingly, van de Poppe’s view appears to be in line with the indicators displayed by In/Out of Money Around Price (IOMAP). IOMAP classifies addresses based on who has accumulated at a lower price than the current price and who has done so at a higher price.
Typically, the more volume at a price range, the stronger the support and resistance. Therefore, if there is a larger volume of peripheral money, there is strong resistance. But if the larger volume is inside, then the support is strong.
As seen below, ETH volume is at $3,715, much higher than between $3,830 and $4,274. Given current conditions, the Ethereum bull run could soon resume and the price could rise up to $4,500.
ETH Price Prediction: Is $4,500 Coming?
On the daily chart, Ethereum price continues to trade above the descending triangle. This suggests that, despite the recent decline, the cryptocurrency may not experience a significant correction.
However, to keep prices rising, trading volume must increase. Additionally, investors must protect ETH from falling below $3,505. Based on the current situation, investors can defend this support level.
If confirmed, Ethereum price could climb to $4,096, with a highly positive scenario taking the price up to $4,500. If investors reassess the price below $3,505, this view could be invalidated, potentially leading to a decline to $3,182.