ETH Price Eyes $2400 in 48 Hours Before Bitcoin ETF Decision

Keeping a bullish stance in the long consolidation range, the ETH price finds constant support at the bottom base of $2200. Becoming a multi-contact point of reversal, Ethereum price continuously the streak of bullish engulfing formation from the crucial support level. 

Lasting for more than 30 days, the Ethereum price constantly struggles to enter a decisive trend. Nevertheless, the recent market-wide recovery aligns with our ETH price prediction, which holds a bullish standpoint for the upcoming trend.

Buyers Preparing Breakout Challenges $2400 Barrier.

Despite the recent failure to sustain the New Year’s rally, the ETH price avoids a downfall like other altcoins of lesser market cap. With the strong buying activity at the $2200 support level, the bulls are prolonging the range formation and coiling up more trend momentum.

The intent is clear to provide a high-speed move upon the fracturing of the boundary on either side. Moreover, the spike in the buying pressure, evidenced by the spike in trading volume supporting the price jumps, improves the breakout chances. 

Currently, the ETH price trades at $2308 and takes a 1.04% intraday pullback following the 4.94% jump last night. As the tradition of $2200 bouncing the Ethereum price continues, the $2400 breakout possibility sustains. 

Technical indicators:

RSI indicator: The daily RSI line shows a sideways trend, diluting the prevailing downfall near the halfway line. Moreover, the bullish divergence in the past two dips at the $2200 support increases the bull run chances. 

MACD Indicator: The MACD and signal lines close up the gap with the recent jump in ETH price and tease a bullish crossover. Further, the recent price jump in Ethereum shows a spike in average lines, reflecting improved sentiment and a potential comeback for Ethereum.

The Bears Are On The Verge Of Liquidation

Following the recent liquidation event of almost $100Mn Liquidation from the bulls, the ETH price stabilizes normally within the range. Further, the recent liquidation chart from Coinglass shows a spike in liquidations on the bearish side. 

As bears lose $42Mn due to liquidation on Monday and the uptrend gaining momentum, the Ethereum price may soon make a strong comeback. This can lead to more bearish liquidations in the coming days. 

Is Ethereum Ready to Cross $2400?

As per the technical analysis, the ETH price action shows a high momentum bullish trend entering a sideways track. Therefore, as per the price pattern analysis, a bullish flag pattern forms in the daily chart. Hence, the breakout of the consolidation range is most likely on the upside as the flag pattern is a trend continuation pattern.  

The recent surge has tested the $2400 level and presented a breakout entry for traders who missed the $220 breakout. Additionally, the likelihood of Ethereum crossing the $2500 level is increasing, with significant upside potential remaining. The uptrend could potentially reach the $2700 level.

Conversely, a reversal could drive the price of ETH back to $2200.