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What’s the Next Destination for ETH Price After $2500 Breakout?

2 Mins read

Ethereum price prediction says bulls are more active and have a higher chance of winning the battle inside the range. 

ETH price has spent quite a long time in the range between $2100 to $2400. Buyers successfully defending the lower range support indicates that it formed a strong base. Moreover, the price gave a bounce and was preparing for another attempt to break the higher range. 

The trend of ETH crypto is still in the upward direction because the price is sustaining above the 50-day EMA. The strength of bulls is clearly visible in the chart, so it increases the probability of the breakout. 

The chart structure of Ethereum is bullish and the dominance of buyers is visible. If the buyers succeed in taking control of the $2400 supply zone, 6% to 8% more upside will open. However, for any reason, if the price faces rejection, it might revert down and slide to $2200. 

At present, the price behavior of this coin says more scope of upside is open. Therefore, it will be wise to accumulate ETH from the current level and participate in the bull run.

ETH Price at Crucial Hurdle; Will It Break Out?

What’s the Next Destination for ETH Price After $2500 Breakout?
Source: ETH/USDT daily chart by Tradingview

ETH price needs the participation of whales to break the $2500 barrier with a high volume. Until the breakout happens with a strong volume, the sellers will not step back and keep searching for ways to give rejection. 

Presently, Ethereum price is preparing for the fourth attempt to push above $2400. This attempt looks powerful as compared to the previous ones. The technical analysis suggests ETH is inside the bulls’ grip so new swing highs are possible in the coming months. 

What If the Ethereum Price Starts Flying Above $2500?

The next directional move in Ethereum price will be visible when buyers are able to take control of the supply zone. If the price begins to fly toward $2500, then it may attract new investors which will fuel the positive momentum. 

Recently, the MACD curve generated a fresh positive crossover and the histogram bar turned green. It shows that bulls are strengthening their grip and getting ready for a sharp move. The supertrend says till the coin sustains above $2,111 the trend will remain upward. 

Conclusion

ETH price prediction is highly bullish for January as well as for February 2024. After analyzing the price chart it can be said that a fresh breakout may be visible soon. 

The analysis suggests Ethereum is in an uptrend and investors may look to buy it for generating nominal returns. 

Technical levels
  • Resistance levels: $2450 and $2603
  • Support levels: $2210 and $2100

Source

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Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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