Ethereum Price Forecast: ETH Could Hit $2,400 If This Pattern Is Confirmed

Ethereum (ETH) has gone up by 25% in the past 24 hours and has hit the $1,800 resistance once again — a key level that, if broken, could mark the beginning of the token’s next leg up.

The market seems to be ignoring rising geopolitical tensions between the United States and Iran and seems to be much more focused on the latest price action.

President Trump said that the U.S. will resume its negotiations with Iran but will not agree to another ceasefire.

Trading Volumes Remain Thin Despite ETH’s Latest Recovery

Trading volumes for ETH spiked by 20% today as the token retested the $1,800 level. At $9.3 billion, they account for 4.3% of the asset’s circulating market cap, implying an active market.

Despite this, our analysis of trading volumes indicates that we are still far from the levels that the market usually trades when momentum, either positive or negative, is accelerating.

On-chain data from Santiment shows that a crossover between the 7-day and 30-day moving averages for trading volumes has often marked the beginning of bear and bull markets for ETH.

As the chart shows, the two lines are quite distant from each other, indicating that volumes remain quite thin.

Evidence of a True Recovery for ETH is Still Scarce

After spiking to a new all-time high in late May, open interest (OI) in ETH futures has been steadily declining, reflecting a retreat in traders’ participation level and interest in ETH. At 13.6 million ETH, this metric has dropped by 14% in just a month and a half.

Meanwhile, exchange-traded funds (ETFs) linked to ETH snapped a 5-day streak of positive net inflows yesterday with a $52 million outflow. During those 5 days, these vehicles brought in $163 million from investors.

What this reflects is that speculators are not yet willing to go back to the market as they got burned during the latest downturn. However, investors did show interest in getting exposure to ETH after the token made a double-bottom at $1,550.

Finally, market sentiment has been recovering lately, as reflected by the Crypto Fear and Greed Index. This gauge has recovered to 30 after hitting a recent low of 14 just a month ago.

None of these indicators is providing enough evidence yet of a real recovery, as traders’ interest in ETH remains low while ETF inflows are still fragile and relatively weak in absolute terms.

However, a break above $1,800 could stir things up, as a short squeeze could push ETH to new heights in the next few days.

ETH Could Rise to $2,400 If a Double Bottom Pattern is Confirmed

Heading to the daily chart, a clear retest of this resistance is happening today after a mild retreat.

If that breakout happens, it would confirm ETH’s double-bottom pattern at $1,550. Double bottoms are high-probability setups that tend to yield attractive returns when confirmed.

Our target for ETH in case that happens would be the $2,400 level, as that area shows confluence between the 200-day exponential moving average (EMA) and a previous resistance dating back to April–May.