Ethereum

bullish

The beginning of the fresh weekly trade has flipped the market sentiments, which were buried under a strong bearish influence. The Ethereum price has also flipped from the interim support and at each dip, the second-largest token has been offering a good buying opportunity. Presently, the price has surged above $2500 and although the upper targets remain largely distinct, the bulls carry enough momentum to maintain a strong bullish trend for the rest of the month.&nbsp;  
The <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noopener noreferrer nofollow">ETH price</a> has printed a massive bullish candle of nearly 5% in the past 24 hours and nearly 10% from the interim lows. With this, the token has confirmed a double-bottom pattern and may reach the neckline around $2,680 in the next few days. As the technicals are in bullish favour, rising above these levels should not be a tedious task. But the question arises: whether the Ethereum price will make it to $3000 in October?  
With the price rising above $2500, the token has entered a break-even zone. As per the data from Intotheblock, a large number of addresses have been stuck within this range.&nbsp;  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe_t7sW1iLZiJjwYbPllmi7pXychXhGx8DIY3b5a4VKcJsX-6Q_MVL9-fjzO8HcgRMt5H2roi8tokCTp1T-QGB8Hc6D7UTLQ4sjH1PWmHqcqVB2bM7YreA2G0l4ejQKzMMWKWhPlCVMIG1NcOCuoxg8QSk?key=5cLp5f-3nfeXnDRLCjN28A" alt="">
</figure>  
The above chart suggests that nearly 5.84% of addresses have entered a break-even range between $2,509 and $2,987, meaning they are neither in profit nor loss. Therefore, they tend to remain calm and wait for the next price action. Moreover, a rise beyond $3000 may turn all these addresses into profits, while a plunge below the current levels may turn them into losses. Therefore, the day’s close and the next couple of days could be extremely important, as a sustained rise above $3000 could prevent the token from being under loss.&nbsp;  
So what’s next? Will the ETH price rise above $3000 or face rejection &amp; reach $2200?  
The short-term chart suggests more volatility is required for the token to trigger a strong price action. But in the long-term, the price is trying to replicate a previous pattern that elevated the levels from $1550 to levels beyond $4000 in Q3 2023. Therefore, if a similar rebound is triggered, the price is believed to rise and form a new ATH.&nbsp;  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfN3TTQIBuGqjl5vvXAZ3bR7gnVskhLgUjII21OPc-6GFkrpf6loMUtlJ3iTCN05ehKcknfHAhmDnxYTr9YarGwgAbV3GSZhNFLCCoakP7J7j6nHMhXE5B25Zao2aa__UN_-1of_nwMXAJH0Dv5rVwWezQ?key=5cLp5f-3nfeXnDRLCjN28A" alt="">
</figure>  
The chart shared by a popular analyst, <a href="https://x.com/ali_charts/status/1845776312113533418" target="_blank" rel="noopener noreferrer nofollow">ALI,</a> suggests the current rebound resembles the previous one. Hence the analyst predicts a new ATH could be around $6000 if the price follows a similar price action.&nbsp;  
<blockquote class="wp-block-quote">
 “Every bounce off this channel’s lower boundary has historically led to an average 130% price increase for Ethereum.  
 If this pattern holds, a similar move could push ETH to $6000, provided the key $2300 support level stays intact,”&nbsp; 
</blockquote>

Ethereum Price Prediction: ETH Price Poised to Hit $6000 But Here’s a Twist!

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