Cryptocurrency analyst Michael van de Poppe believes that the Ethereum (ETH) bull run in 2024 remains intact, even after failing to maintain the $4,000 level. Sharing his insights on X (formerly Twitter), he outlined the key factors supporting his view.
As of the time of writing, ETH is trading at $3,716. This raises the question: can Ethereum reclaim higher levels in the coming weeks?
The Ethereum rally is not over yet, the analyst said.
According to van de Poppe, ETH is trading in a range that provides an opportunity to accumulate at a discount. In his post, the analyst noted that the recent price drop is normal.
However, he mentioned that the price of ETH is testing a crucial resistance zone that could confirm the bullish momentum. Looking at the chart van de Poppe shared shows that the resistance zone is around $3,800. Therefore, if crypto breaks this zone, the Ethereum bull run could continue from where it left off at the end of this month in 2025.
"ETH really offers a great opportunity to accumulate. A standard correction after testing a new resistance zone. I hope we will continue to run from the end of this month into the new year," the analyst wrote.
Daily analysis of Ethereum. Source: X/Twitter
Interestingly, van de Poppe's sentiment seems to align with the signs displayed by In/Out of Money Around Price (IOMAP). IOMAP classifies addresses based on those who accumulated at lower values than the current price and those who accumulated at higher values.
Typically, the higher the coin volume in a price range, the stronger the resistance support. Therefore, if there is higher coin volume, there will be strong resistance. But if there is higher coin volume, then support is strong.
As seen below, ETH volume is at $3,715, much higher than the volume from $3,830 to $4,274. Given this current condition, the Ethereum bull run may soon continue and the price could rise to $4,500.
Ethereum In/Out of Money around price. Source: IntoTheBlock