Ethereum bull run expected to resume and last into 2025

Crypto analyst Michaël van de Poppe predicts that Ethereum’s (CRYPTO:ETH) bull run will resume in late 2024 and extend into 2025, supported by key resistance levels. 

As of now, ETH is trading at approximately $3,716, raising questions about its potential to reclaim higher prices in the near future.

Van de Poppe emphasises that the current price range presents an opportunity for investors to accumulate ETH at discounted prices. 

He notes that the recent decline in price is a standard correction after testing a significant resistance area.

The analyst identifies the crucial resistance zone around $3,800, stating that if ETH breaks through this level, the bull run could continue from where it left off later this month into the new year.

“ETH actually provides an excellent opportunity to accumulate. Standard correction after testing a new resistance area. I expect we’ll continue to run from later this month into the new year,” van de Poppe stated.

Supporting his outlook, data from the In/Out of Money Around Price (IOMAP) indicates strong support at $3,715, with substantial volume of ETH held at this level.

Typically, a higher volume of coins at a specific price range suggests robust support. 

Currently, there is more volume in the money at $3,715 compared to ranges between $3,830 and $4,274, indicating potential for a rally toward $4,500.

For Ethereum to maintain its upward momentum, trading volume must increase. 

Additionally, it is crucial for bulls to defend the support level at $3,505; failure to do so could invalidate the bullish outlook and lead to a drop toward $3,182.

If successful in maintaining this support and increasing volume, ETH could see prices climb to around $4,096 or even reach the optimistic target of $4,500.