- Ethereum price has been on a tear over the last week, as it undid the crash, and is on its way to new highs.
- ETH is now consolidating around the local top at $2,450, anticipating a 15% move to $3,000.
- A breakdown of the support at $2,400 would invalidate the bullish outlook and might invoke a pullback to $2,320.
Ethereum price is hovering a few ticks away from its all-time high as it consolidates, hoping to gather steam before its upswing.
Ethereum price might enter discovery mode shortly
Ethereum price has surged nearly 22% since its crash on April 23. Now, ETH consolidates in a tight range around the recent swing high at $2,450, building up steam before it blasts off to record levels at $3,000.
A potential spike in buying pressure that produces a decisive 4-hour candlestick close above the demand zone’s upper barrier at $2,612 will signal the presence of strong buying pressure.
In such a case, investors can expect the smart contract token to surge roughly 12% to a significant psychological level – $3,000.
ETH/USDT 4-hour chart
Supporting this optimistic scenario for Ethereum price is IntoTheBlock’s Global In/Out of the Money (GIOM) model, which shows no resistance ahead.
Conversely, the presence of a cluster of stable demand barriers adds a tailwind to the upward trajectory portrayed above.
Roughly 2.92 million addresses that purchased 22.11 million ETH around $2,206 will dampen the short-term bearish pressure as investors here might add more to their holdings.
ETH GIOM chart
On the contrary, if investors fail to defend the $2,400 level, a bearish outlook will be triggered. Such a scenario will cause Ethereum price to slide to $2,350 and $2,265 in dire situations.
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