Ethereum Price Prediction as ETH Stays Above $2,500 Amid Market Uncertainty – A Sign of Strength?

cryptonews.com:

Ethereum price predictions remain bullish as the ETH price stays above $2,500, despite growing market uncertainty about the near-term outlook.

The Ethereum (ETH) price hit its highest level since May 2022 last week above $2,700.

The pump was at the time driven by optimism about the approval of spot Bitcoin ETFs in the US, and amid optimism that spot Ethereum ETFs could arrive by May this year.

However, the market quickly succumbed to a “sell-the-fact” reaction.

The Bitcoin price has since retreated from multi-year highs above $49,000 to current levels near $42,000 amid rampant profit-taking.

The Ethereum price, meanwhile, was last around $2,520, down roughly 7% from last week’s highs.

Traders remain concerned that elevated profit-taking could, in the short term, continue to weigh on prices.

But the Ethereum price has been able to hold firmly above an important level of support.

That could signal near-term price strength.

The $2,400-$2,450 zone is an important area of support for the Ethereum price.

And over the past four days, the bulls have continually defended this support level.

While there is no guarantee that this remains the case, it is for now a signal of near-term price strength.

Indeed, chart analysis suggests that, since breaking and holding above key long-term resistance in the $2,100-$2,150 area, the Ethereum price is on its way back to resistance in the $3,500s.

And Ethereum has plenty of bullish narratives coming up in 2024 that could help propel its price higher.

These include an upcoming network upgrade that will boost scalability, upcoming spot Ethereum ETFs and a Fed cutting cycle.

A rise in Ethereum supply deflation as network activity picks up could also help pump the price.

So could a continued rise in Ethereum