The crypto community remains bullish on the second largest token, Ethereum, regardless of whether the token maintains a sluggish trend. The price found strong support and has staged a recovery, but has yet to confirm a reversal. As a result, some market participants remain uncertain about the next price action. But in the broader perspective, ETH price seems to be more explosive, providing the last chance to enter a long trade as it seems poised for a 100% rebound.
Many crypto veterans and analysts believe that the ETH price is quite undervalued at its current price. The token is trading within a bullish pattern over the long term and is showing a bullish divergence. This bullish signal is notable and should not be overlooked. Therefore, ETH price seems poised to rise twice in the coming year as five upward waves appear to have begun.
Ethereum’s weekly chart shows price trading within an ascending triangle with a huge opportunity to go long. As the price has continuously failed to break the resistance at $4000, the levels appear to have become rigid. Therefore, a rise from these levels could cause a massive explosion, pushing levels above the current ATH. However, the time frame for the breakout remains somewhat extended as buying volume has yet to accumulate.
Considering the technical characteristics, the RSI remains bullish, while the baseline and conversion line of the Ichimoku cloud underwent a bullish crossover. This indicates that the price may be rejected again at USD 4000, but the pullback could be limited above USD 2500 as the bulls could have significant dominance over the rally. The recovery that may then occur could help the Ethereum (ETH) price break through the $4,000 resistance and sustain where it has failed for a few years.
However, the rise above these levels could trigger a strong rebound, which could lead the second-biggest sign to new highs in 2025.
