ETH has staged a weekend recovery back above $4,000, revealing underlying strength and fuelling bullish Ethereum price predictions.
The altcoin found unexpected support at $3800, flipping a past resistance zone into support despite historical demand zones eyeing a floor much lower.
On-chain metrics had placed the next price floor at $3,515, with the UTXO Realized Price Distribution (URPD) pointing to a high volume of positions previously taken at that level.
This break from past market behavior signals a potential shift in sentiment, with buyers stepping in at higher psychological levels rather than following previous buying activity.
Confidence is building across the market, a sentiment echoed by Sentroa, reporting continued exchange outflows alongside last week’s price decline.
When holders move their coins to self-custody, it suggests a shift to HODLing and accumulation, a testament to a longer-term bullish outlook.
Ethereum Price Predictions: What’s Got The Market So Bullish?
This conviction follows a strong confluence of support, with the lower boundary of a 2-month brewing bull flag pattern aligning with a broader ascending channel at $3,800.
The setup has created a launchpad, flipping to level from past resistance to support as momentum indicators turned bullish.
The RSI has sharply recovered from the oversold threshold at 30, often marking a bottom as sellers exhaust and buyers step in.
Meanwhile, the MACD histogram is approaching the signal line in a potential golden cross, suggesting this bounce could mark the start of a lasting uptrend.
The $4,500 level stands as the key threshold for a bull flag breakout. If fully realised, the pattern targets a new all-time high at $5,560 and a retest of the broader ascending channel.
With a breakout here too, the Ethereum price could extend towards $8,000, representing nearly a 100% gain from current levels.
With stacking catalysts like U.S. interest rate cuts and new staking ETH ETFs attracting inflows, this setup could be realised before year-end.
A breakdown below $3,800, however, could set sights back on past accumulation zones. A 15% fall to $3,500 could be the next floor.
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