Ethereum (ETH) had a bit of a lackluster run in 2023, only managing to pull off a modest 90% increase. The big question now is whether 2024 will be the year it turns things around or if it will continue trailing behind. Let’s dive in and see what’s cooking!
Ethereum Takes a Breather After a Breakout
From the depths of a $881 low in June 2022, the ETH price has been on the rise. But here’s the catch – it struggled to break free from its range high a few times, with April 2023 being a notable exception. The breakthrough in November was crucial because the area had been a mix of support and resistance since 2021.
Despite the breakout, Ethereum hasn’t exactly hit the accelerator pedal just yet.
Reading the Crypto Tea Leaves: What the Analysts Are Saying
Crypto traders and analysts are optimistic, despite Ethereum’s slow dance so far. Mayne, a trader, is betting on ETH catching up soon, predicting a rise to $3400 after Bitcoin’s dance around $48-$50k. CryptoMichNL sees a bottom against BTC in the cards, especially noting the historically bullish Q1 for this pair.
CrediBULL Crypto jumps on the bullish bandwagon, foreseeing a short-term surge and a higher low that would pave the way for an accelerated climb.
Predicting ETH’s Comeback: What to Look Out For
Ethereum’s dominance is below a crucial long-term support level at 17%, a level that has played both sides of the fence since 2021. Despite a slight dip below it, Ethereum Layer-2’s total value locked just hit a new all-time high. And check this out – the weekly RSI is in oversold territory, a zone that historically precedes substantial upward movements.
The ETH dominance getting back on its feet aligns with the anticipation of an ETH price surge.
Breaking free from the $1,950 horizontal resistance zone is a promising start for ETH, but the real show is yet to begin. With virtually no hurdles until $3,500, we might just witness a noteworthy surge in the first half of 2024.
But, and there’s always a but, a weekly close below $1,950 could rain on Ethereum’s parade, triggering a 25% drop to the $1,700 ascending support trend line. Fingers crossed for Ethereum’s grand comeback!