Ethereum (ETH) Price is Printing Consecutive Bullish Candles as the Crypto Market Enters the Initial Phase of the Bull Run

While the second-largest token has refrained from maintaining a steep ascending trend for over a period, the upcoming rise may thrash the bearish dominance, elevating the levels beyond expectations

Ethereum price portrays consecutive bullish candles as the crypto market begins the initial bull run phase.

While the second-largest token has refrained from maintaining a steep ascending trend for over a period, the upcoming rise might thrash the bearish dominance, uplifting the levels beyond expectations.

Bitcoin marks a new ATH above $76,000, being the most anticipated event after Donald Trump’s win in the U.S. presidential elections. In the meantime, the Ethereum price, which usually follows the top crypto, ascended with less volatility. However, the bulls seem to have shifted their focus back to Ethereum as the price has broken out of the bearish range. As a result, the price is expected to trigger a monstrous rally soon.

The Ethereum price was stuck within a range after experiencing a major drop from the yearly high of around $4000. As the bullish wave circulated with the space, the ETH price broke above the parallel channel after a 3-month long consolidation. With this, the price is up for another bullish action and a rise in buying pressure might trigger a fine bull run towards a new ATH.

The weekly chart of the ETH price is notably bullish, as the token seems to be setting up the ‘D’ wave after completing the ‘A-B-C’ wave. The weekly MACD is on the verge of a bullish crossover as the selling pressure has been low since September. On the other hand, the price is trading between the 50-day & 200-day weekly MAs, which act as strong resistance and support levels. A closer observation suggests the token has not experienced a weekly death cross in the recent past, indicating a strong hold of bulls even in times of a bear market.

What’s Next for ETH Price Rally-Will it Reach $4000 in 2024?

In light of this, a few indicators that don’t support the bullish narrative and hence more vigil is needed for each move of the ETH price, as follows:

The exchange reserve has continued to rise in the past couple of days, now reaching levels above 19.2 million. This indicates bearish sentiments among the market participants, resulting in a higher selling pressure.

Alongside, the transfer volume, active addresses, and the total number of transactions have declined, adding to the bearish narrative.

However, the net deposits on exchanges are lower compared to the 7-day average, which is interpreted as a lower selling pressure. Secondly, the long positions remain dominant as the open interest continues to surge, indicating more liquidity, volatility, and attention entering the derivative market. Additionally, more than $46 million worth of short liquidations have been liquidated, setting up a strong bullish narrative.

Hence, the data suggests the market participants are still a little unsure of the next price action. However, a rise above the yearly highs at $4000 or even a sustained rally above $3500 may bring back the Ethereum (ETH) price rally at the center stage.

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