As the Ethereum trend bounces back from the crucial zone of demand at $2200, the altcoin is rising on a steady uptrend. Further, the bullish trend in ETH price is heading to challenge the overhead $2600 resistance while making a rounding bottom pattern.
On the larger-market front, the Bitcoin price surging beyond the $47K mark is bringing additional momentum to the altcoins market. Further, there is anticipation surrounding the potential Ethereum ETF and the implementation of the Dencun upgrade positions ETH for significant growth in 2024.
To find out if Ethereum will reach the $10K, check out our ETH price prediction.
ETH Price Consolidation Eyes Bullish Conclusion
Source – TradingView
As the ETH price trend is ready to challenge the previous peak of the bull run at $2600, the bullish reversal forms a trend continuation pattern. With a spike in trading volume, the trend reversal eyes a rounding bottom pattern to prolong the uptrend.
Following the days of consecutive bullish candles, the higher price rejection candles forming at $2500 warn of a pullback. However, as long as the buyers sustain the continuation pattern, the uptrend can cross $2600.
Currently, the ETH price trades at $2500 with a small intraday drop of 0.30%, teasing a potential evening star pattern.
Nevertheless, the anticipations of a bullish trend continuation projects a $2600 breakout to reach the $300 mark. On the flip side, a retest of the $2363 is possible that aligns with the 23.60% Fibonacci level.
MACD indicator: The rising MACD and signal lines in the daily chart project a rise in underlying bullish momentum, teasing a breakout in Ethereum.