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Crypto analyst Michael van de Poppe believes that the Ethereum (ETH) bull run in 2024 remains intact, even after failing to sustain the $4,000 level. Sharing his insights on X (formerly Twitter), he outlined the key factors supporting his outlook.
As of this writing, ETH trades at $3,716. This raises the question: could Ethereum reclaim higher levels in the coming weeks?
Ethereum Rally Is Not Over, the Analyst Says
According to van de Poppe, ETH is trading at a range that provides an opportunity to accumulate at discount prices. In his post, the analyst noted that the recent price decline is normal.
However, he mentioned that ETH’s price is testing a crucial resistance area that could validate the upswing. A look at the chart van de Poppe shared shows that the resistance zone is between $3,800. Hence, if the crypt breaks this zone, the Ethereum bull run might continue from where it stopped later this month into 2025.
“ETH actually provides an excellent opportunity to accumulate. Standard correction after testing a new resistance area. I expect we’ll continue to run from later this month into the new year,” the analyst wrote.
Interestingly, van de Poppe’s sentiment seems to align with the indications shown by the In/Out of Money Around Price (IOMAP). The IOMAP classifies addresses based on those who accumulated at a lower value than the current price and those who did at a higher value.
Typically, the higher the volume of coins at a price range, the stronger the support of resistance. Thus, if there is a higher volume out of the money, there is strong resistance. But if the volume is higher in the money, then support is strong.
As seen below, the volume of ETH at $3,715, which is much higher than that between $3,830 and $4,274. With this current condition, the Ethereum bull run might soon continue, and the price could rally toward $4.500.
ETH Price Prediction: Is $4,500 On the Way?
On the daily chart, Ethereum’s price continues to trade above the descending triangle. This suggests that, despite the recent drawdown, the cryptocurrency might not experience a significant correction
However, for the price to rally, trading volume has to increase. Besides that, bulls have to defend ETH from dropping below $3,505. From the look of things, bulls might defend this support.
If confirmed, Ethereum’s price could climb to $4,096, with a highly bullish scenario pushing it to $4,500. If bears pull the price below $3,505, this outlook would be invalidated, potentially leading to a drop to $3,182.