After a period of consolidation, ETH price is starting to show a clear trend as traders prepare for a potential bull market in late 2024 or early 2025.
A potential scenario for ETH price seems to be forming a lower high, followed by a lower low on the 4-hour chart. However, the price is holding key support at the 100 EMA and 50 Fib level. This indicates that despite the lower price, there is interest in the market for ETH.
Now, looking at the price on the 4-hour chart, it seems likely that the price of ETH will reach the 120 Fib supply zone, which also coincides with the 200 EMA cloud. This suggests that despite the current price being lower, there is a potential scenario for the price of ETH to move towards the $2900 mark.
Another sign that ETH price may rise is the current state of altcoins. As mentioned in previous analysis, altcoins are now at levels similar to those seen in 2020 and 23, which marked the lowest points for altcoins.
Experienced traders are often heard advising to be more aggressive when the market is fearful. As retail investors remain cautious, waiting for the market to "recover," profitable traders see this as a chance to invest.
Looking into the ETH/USDT price action, RSI has dropped to the oversold zone and bounced sharply from the 30% level.
This oversold bounce, combined with the hidden bullish divergence, suggests that the bears are losing momentum and a potential reversal may be forming.
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