Once Bitcoin displayed some strength and soared above the crucial range, the altcoins inculcated more power, leading to a comparatively fine rise. Many of them are struggling to enter a proper bull run, while another minor push may certify the beginning of a fresh upswing for the Ethereum price. The second-largest token, Ethereum, bounced off the lows and has reclaimed the levels above $2400. While the traders continue to remain slightly bewildered, the token appears to be preparing for the next price action.
The current trade set-up shows that the ETH price is completing an ascending triangle bottom in the short term. It indicates the direction of the price of momentum has been shifted from descending to an ascending trend. While the major events are fast approaching the Ethereum ETF deadline, the ETH price is expected to keep surging until it reaches $2500 initially.
However, some dips may occur, as happened with Bitcoin, and other events may revive the bullish trend, which may eventually set the target beyond $3000 in the coming days.
Why Should You Be Bullish on Ethereum?
Firstly, the spot Ethereum ETF is expected to be the major catalyst that may increase the token’s optimism. Secondly, the next upgrade in the Ethereum roadmap, the Dencun upgrade, has reached its final phase. The upgrades go live on the ‘Holesky’ testnet, which aims to proto-dank sharding, which is a technical feature aiming to reduce the cost of the transactions.
On the other hand, Bitcoin’s halving is fast approaching, which is believed to be one of the bullish narratives for the entire crypto space. Following the event, a large chunk of liquidity is expected to flow into Ethereum, which may further trigger a healthy AltSeason. Therefore, a massive move may be incoming for the Ethereum (ETH) price, and hence the token is required to sustain above $2400 and achieve $2500 levels at the earliest.
