Could Ethereum (ETH) Price Soon Reach $2,400?

After reaching its yearly high on April 14, the ETH price rally has stalled. However, positive news behind the cryptocurrency’s movement continues. Despite concerns surrounding the Shapella upgrade, which allows users to unstake their ETH tokens, deposits still outpace withdrawals. The daily Relative Strength Index (RSI) suggests a bullish trend for ETH based on positive signs from an upward trend and a reading above 50, with the reading above 70 considered overbought. Looking at the wave count, ETH is in wave three of a five-wave upward movement, indicating that the ETH price will increase toward the channelโ€™s resistance line at $2,350. Additionally, the short-term six-hour time frame supports the ongoing increase. In conclusion, the most likely ETH price forecast is an increase toward the $2,400 resistance region. However, this bullish outlook would be invalidated by a decrease below the sub-wave one high at $1,950.

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