The Ethereum price is working hard to keep up the rally above the crucial range, as $1800 has become a new support range for the token. While the BTC price is making numerous attempts to break above the consolidated zone, the ETH price does not seem to be in a hurry for it. With this, the trader’s attention over the token seems to have shed to some extent as the volume has witnessed a sudden decline. This could raise some concerns about whether the price will trigger a breakout this month or continue to remain within the consolidated zone.
Since the last week of April, the ETF inflows have been quite significant, highlighting the rising interest of the institutions in Ethereum as they have added more than 3600 ETH. Moreover, as per some reports, a whale has reportedly sold 14.38 WBTC worth around $1.4 million to buy nearly 758 BTC at the base price of $1836 after being dormant for nearly 3 years. These point towards an upcoming bullish price action as the current trade set-up hints towards a huge bull run, which may even surpass the gains incurred by Bitcoin.
The monthly chart of ETH suggests the price has withstood huge upward pressure during the past month, which forced it to close the trade on a bearish note. Meanwhile, the bulls have kept up the rally within the decisive symmetric triangle, regardless of multiple bearish attempts to drag the levels lower. The RSI is also maintaining a descending trend and has been failing to rise above the trend line, hinting that the bears maintaining a significant dominance. However, the DMI levels have converged, suggesting a drop in volatility and a major squeeze with the levels aiming for a bullish crossover.
The ETH price seems to be at the end of a mid-term correction and the price is about to trigger a strong rebound from the previous lows. Therefore, the bottom appears to be in, which may lead to a good ‘Dead-cat’ bounce. This bounce could further lead to a new ATH but the initial target to achieve could be around $2500 and if the price sustains within the rejection zone between $2700 and $3200, the bull run may extend to new highs.
