Ethereum Price Prediction: ETH will see a swift rise to $2,400
- 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.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
