The beginning of the fresh weekly trade has flipped the market sentiments, which were buried under a strong bearish influence. The Ethereum price has also flipped from the interim support and at each dip, the second-largest token has been offering a good buying opportunity. Presently, the price has surged above $2500 and although the upper targets remain largely distinct, the bulls carry enough momentum to maintain a strong bullish trend for the rest of the month.
The ETH price has printed a massive bullish candle of nearly 5% in the past 24 hours and nearly 10% from the interim lows. With this, the token has confirmed a double-bottom pattern and may reach the neckline around $2,680 in the next few days. As the technicals are in bullish favour, rising above these levels should not be a tedious task. But the question arises: whether the Ethereum price will make it to $3000 in October?
With the price rising above $2500, the token has entered a break-even zone. As per the data from Intotheblock, a large number of addresses have been stuck within this range.
The above chart suggests that nearly 5.84% of addresses have entered a break-even range between $2,509 and $2,987, meaning they are neither in profit nor loss. Therefore, they tend to remain calm and wait for the next price action. Moreover, a rise beyond $3000 may turn all these addresses into profits, while a plunge below the current levels may turn them into losses. Therefore, the day’s close and the next couple of days could be extremely important, as a sustained rise above $3000 could prevent the token from being under loss.
So what’s next? Will the ETH price rise above $3000 or face rejection & reach $2200?
The short-term chart suggests more volatility is required for the token to trigger a strong price action. But in the long-term, the price is trying to replicate a previous pattern that elevated the levels from $1550 to levels beyond $4000 in Q3 2023. Therefore, if a similar rebound is triggered, the price is believed to rise and form a new ATH.
The chart shared by a popular analyst, ALI, suggests the current rebound resembles the previous one. Hence the analyst predicts a new ATH could be around $6000 if the price follows a similar price action.
“Every bounce off this channel’s lower boundary has historically led to an average 130% price increase for Ethereum.
If this pattern holds, a similar move could push ETH to $6000, provided the key $2300 support level stays intact,”
