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Ethereum Price Prediction: ETH will see a swift rise to $2,400

www.fxstreet.com 24 May 2022 00:38, UTC
Reading time: ~2 m

  • ETH price is progressively inclining.
  • Ethereum price volume shows bearish absence.
  • Invalidation of the bullish call is a close below $1800.

Ethereum price displays reasons to believe in a price spike to $2400. Traders should still approach the smart contract blockchain cautiously and use a tight invalidation level.

Ethereum price due for run-up

Ethereum price hints that a countertrend spike will occur as the bears seem to be uninterested in suppressing the price further on the daily chart. The $2,000 level could hold as support for a short-term bullish trade.

Ethereum price also signals  Smart Money's lack of interest in shorting the current $2,000 levels on the volume profile. The bears are tapering out, which could signal the need for a price spike to induce the momentum needed for traders to actively look for profitable opportunities. If market conditions persist, the bulls will eventually produce a large bullish engulfing candle to induce the next rally.


ETH/USDT 1-Day Chart

nvalidation of the bullish trend lies at $1,800. If the bears can close below this level, the ETH price could fall as low as $1,500, resulting in a 20% decrease from the current Ethereum price.

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