Blasting through the barriers, the ETH price crashes the $2200 gates as the price of Bitcoin shoots up to $44K this Tuesday. With Ethereum gaining momentum, the altcoins market picks up the pace for a new sprint before the end of 2023.
The price of Ethereum forms a new 52-week high at $2392 and teases a trend continuation this December beyond $3000. With plans to extend the year-to-date growth of 98%, the ETH price prediction holds a bullish standpoint for the upcoming trend.
Buyers Frenzy Ready To Crackdown $2500 Barrier
Source – TradingView
With the groundwork in play for the upcoming New Year’s rally, the ETH price breaks multiple barriers to gain momentum for the coming rally. Taking off from the support trendline during the Uptober season, the market value of Ethereum has risen by 51% in the last 50 days.
With a high momentum uptrend in motion with the backing of increased trading volume, Ethereum is showing no underlying weakness. After surpassing the $2000 mark, rounding the bottom breakout rally and crossing the $2192 neckline signals a new bullish spike.
Currently, the ETH price trades at $2372 as it rides the breakout rally to challenge the overhead resistance at $2400. Further, the recent overnight jump of 5.59% increases the likelihood of uptrend continuation.
Technical indicators:
RSI indicator: The daily RSI line trades elegantly above the 14-day SMA and heads to the overhead boundary. Despite a potential bearish divergence, the overall sentiment remains bullish, and a rounding reversal reflects a comeback for Ethereum.
MACD: The MACD and signal lines gain momentum post-positive crossover, supporting the trend continuation in Ethereum.
Is ETH Price Ready to Cross $2500?
AS per the technical analysis, the ETH price action shows a high momentum bullish trend in motion and shows no signs of weakness. Currently, the uptrend challenges the $2400 mark and teases a breakout entry for traders who missed the $220 breakout jump.
Therefore, the chances of Ethereum crossing the $2500 are increasing with big upside moves left in the tank. Potentially, the uptrend can reach the $3000 mark in the early days of 2024.
On the flip side, a reversal can plunge the ETH price back to $2200.
Source: https://coinpedia.org/price-analysis/eth-price-prediction-projects-a-rally-beyond-3000-to-kickstart-the-2024-bull-run/