Will it Take A Lead in the Upcoming Bull Run?

The crypto markets are facing turmoil amidst Binance’s prevailing brawl against the SEC. While Bitcoin failed to hold above the interim support at $37,000, the second-largest crypto, Ethereum, managed to stick around $2000, despite a drop from the highs at $2035. The negligible drop indicates the strength of the bulls, who appear to be poised to set a strong base for the upcoming bull run.

The ETH price has been maintaining a consistent upswing ever since it flipped from the October lows around $1525. The rally printed massive bullish candles that quashed the interim bearish actions that occurred in between. However, despite the bulls displaying acute strength, the ETH price failed to surpass the pivotal resistance zone of around $2150 for the third consecutive time since August 2022.

Now that the price has failed to surpass the ascending triangle, will the ETH price rebound back to $2150?

After recording four consecutive bullish weekly candles, the price is consolidating close to the resistance zone. A similar action occurred during 2019–2020, wherein the ETH price failed to break the then-resistance zone of around $300. After a breakout, the price soared by over 2000% to mark highs above $4800. Therefore, if history repeats itself, the recent price breakout can be considered the foothill of this explosion that may lead to a price beyond $10,000 in the upcoming bull run.

Besides, the 200-day MA, which has been a pivotal resistance to achieve, has now transformed into strong support levels, which coincide with the interim support at $1754. Although the ETH price is not expected to drop to these levels, after a minor pullback, the token is believed to trigger a rebound to test the pivotal resistance at $2150. Therefore, the upcoming couple of weeks can be considered important. 

If the Ethereum (ETH) price manages to rise above $2000, then a fine rise beyond $2500 to $2800 can be expected in the coming weeks. This may in turn trigger a minor bull run to surge beyond $3200 too. Conversely, a rejection of the lower support may validate the ascending triangle, which may cause the price to hover within the pattern until it reaches the apex somewhere in the second half of 2024.