Ethereum

2024

bullish

Rise

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Ethereum’s price shows a clear trend towards a potential bull market in late 2024 or early 2025.</li> 
 <li>The Relative Strength Index (RSI) for ETH/USD is oversold, indicating a potential price rebound.</li> 
</ul>  
<h2 id="trend-indications-for-ethereum">Trend Indications for Ethereum</h2> 
<p>The price of <a href="https://coineagle.com/price/ethereum/">Ethereum</a> [ETH] is beginning to display a distinct trend, hinting at a possible bull market in late 2024 or early 2025.</p> 
<p>ETH/USDT on the 4-hour chart has formed a bear flag pattern within a rising channel, aiming for the $2900 level.</p> 
<h2 id="potential-price-rise">Potential Price Rise</h2> 
<p>There’s a likelihood that ETH’s price will reach this supply zone, coinciding with the 200 EMA cloud on the 4-hour chart.</p> 
<p>For a bullish trend to establish itself, ETH needs to break above and remain above the 200 EMA. The overall outlook is positive, but caution is warranted if the price stays below the $2900 mark for an extended period.</p> 
<p>Moreover, the ETH price on the weekly chart is tracking a two-year upward trend channel. It repeatedly touches the lower trendline, suggesting a potential rise to the $2900 level.</p> 
<p>The price is currently below the annual average, which underscores $2900 as a crucial resistance point.</p> 
<h2 id="buying-pressure-and-altcoin-levels">Buying Pressure and Altcoin Levels</h2> 
<p>The chart also reveals that ETH/USDT recently broke through the 52-week exponential moving average, leaving a long tail on the weekly candle, suggesting strong buying pressure.</p> 
<p>Despite the current price being lower, there is significant interest and potential for a move towards the $2900 mark.</p> 
<p>An additional signal that ETH may rise is the current state of altcoins. They are now at levels similar to those seen in 2020 and 2023, which marked the lowest points for altcoins.</p> 
<p>This indicates that Ethereum might be nearing a bottom. With market participants feeling fearful and altcoins trading at these historical lows, it’s a sign of potential opportunity.</p> 
<h2 id="rsi-and-funding-rates">RSI and Funding Rates</h2> 
<p>The RSI for ETH/USDT has fallen to the oversold zone and bounced sharply from the 30% level. This movement aligns with the ascending support trendline for ETH/USD, suggesting that the price is set to rebound from this point.</p> 
<p>Negative funding rates typically mean that traders betting against Ethereum (short positions) are paying those betting on it (long positions), indicating bearish sentiment.</p> 
<p>However, Glassnode data indicates that in 2024, Ethereum’s funding rates have mostly been positive, reflecting bullish expectations.</p> 
<p>Despite Ethereum’s price recently dropping to $2,100 and falling funding rates suggesting a shift in market sentiment, the overall positive funding rates throughout 2024 hint at a potential price rally in the near future.</p>

Unlocking Ethereum’s Bullish Potential: The Key Role of the $2900 Mark

Table of Contents

CoinEagle.com

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