The crypto community remains bullish on the second-largest token, Ethereum, regardless of the token maintaining a sluggish trend. The price found out a strong support and has triggered a rebound but is yet to validate a flip. As a result, some of the market participants remain uncertain about the next price action. But in the wider perspective, the ETH price appears to be more explosive, offering the last opportunity to enter a long trade as it seems to be due for a 100% upswing.
Many crypto veterans and analysts believe the ETH price is pretty undervalued at its current price. The token is trading within a bullish pattern in the long term and has been displaying a bullish divergence. This bullish signal is noteworthy and shouldn’t be overlooked. Therefore, the ETH price appears to be primed to go 2x in the coming year, as five upward waves seem to have begun.
The weekly chart of Ethereum displays the price trading within an ascending triangle with a huge possibility of going long. As the price has constantly failed to break the resistance at $4000, the levels seem to have become rigid. Hence, a rise from these levels could trigger a massive explosion, elevating the levels beyond the current ATH. However, the timeframe for the breakout remains slightly extended as the buying volume is yet to accumulate.
Considering the technicals, the RSI remains incremental while the base & conversion line of the Ichimoku cloud underwent a bullish crossover. This indicates the price may face another rejection at $4000 but the pullback could be restricted above $2500 as the bulls could be holding a significant dominance over the rally. The rebound that may occur then may help the Ethereum (ETH) price to pierce through the $4000 resistance and sustain that it has been failing to do for over a couple of years.
However, the rise above these levels may trigger a strong upswing, which may lead the second-largest token towards new highs in 2025.
