Ethereum price displays reasons to believe in a price spike to $2400. Traders should still approach the smart contract blockchain cautiously and use a tight invalidation level.
Ethereum price hints that a countertrend spike will occur as the bears seem to be uninterested in suppressing the price further on the daily chart. The $2,000 level could hold as support for a short-term bullish trade.
Ethereum price also signals Smart Money's lack of interest in shorting the current $2,000 levels on the volume profile. The bears are tapering out, which could signal the need for a price spike to induce the momentum needed for traders to actively look for profitable opportunities. If market conditions persist, the bulls will eventually produce a large bullish engulfing candle to induce the next rally.
nvalidation of the bullish trend lies at $1,800. If the bears can close below this level, the ETH price could fall as low as $1,500, resulting in a 20% decrease from the current Ethereum price.
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