ETH Price Prediction to Soar to $2500 Will It Come True?

ETH price prediction set to soar to $2,500, will this come true?

As the largest altcoin, Ethereum is known as a trendsetter for many directly and indirectly related altcoins. Moreover, with Bitcoin, the largest cryptocurrency, taking center stage in the bullish recovery, the ETH price prediction predicts a continuation of the bullish trend towards $2500. As 2024 approaches, the Bitcoin halving event is expected to trigger a new bull run, triggering a new Hopium rally.

Will this recovery gain enough momentum to push the ETH price above $2200, or will sellers fight back?

As market sentiment improved, the ETH price rose with increased trading volume and showed a long-term upward trend. After a short-term pullback and consolidation, the Ethereum price trend has regained bullish awareness.

The growing latent demand slowly dominated the 4-hour chart, forming a round bottom pattern with the neckline at $2129. In addition, a positive trend reversal is accompanied by an increase in intraday trading volume.

Currently, ETH is trading at $2,095, up 2.02% intraday, with a bullish engulfing candle forming on the daily chart. So, with this bullish signal reflecting a boom in underlying demand, Ethereum’s price could soon soar above $2,200.

Specifications:

RSI Indicator: The 4-hour RSI line is bullish, but the daily RSI line is difficult to take off from the midline. Still, it reflects that the recovery is still in its early stages and may take some time to break through.

Is ETH Price Ready to Hit $2500?

A closer look at the technical chart shows that Ethereum’s price has been in a steady uptrend, driven by a rounding pattern. The price could break above the upper resistance at $2129, triggering a surge in buying pressure. Optimistically, a breakout rally could hit the $2,500 mark.

On the other hand, a reversal could take the ETH price back to $2000.

Source: Golden Finance