Analyst Predicts 22% Surge In Ethereum (ETH) Price Sparking Market Optimism

The Ethereum crypto gained notable attention from the market watchers on December 29, as evidenced by the significant surge it has witnessed. Meanwhile, the sentiment in the overall crypto market was positive today, suggesting that the investors are shifting their focus towards the risk-bet assets.

Notably, as of writing, the Ethereum was up around 7%, wiping off much of its recent losses it noted through the volatile trading this week. In addition, a bullish outlook from a popular crypto analyst for the second-largest crypto by market cap has also boosted market hopes.

Analysts Foresees Further Ethereum Rally

In a recent analysis shared on the X platform, renowned crypto analyst Rekt Capital delved into Ethereum’s market dynamics, offering insights into its potential trajectory. The focus of the analysis centered on Ethereum’s price action, with the analyst expressing optimism contingent on a key support level.

According to Rekt Capital’s chart, Ethereum (ETH) could witness a substantial uptick of approximately 22% if it successfully reclaims the $2274 mark as support. The analyst’s prediction hinges on the cryptocurrency’s ability to establish and maintain this crucial support level.

As the second-largest cryptocurrency by market capitalization, Ethereum’s price movements are closely monitored by investors and enthusiasts. Rekt Capital’s analysis adds to the ongoing discourse surrounding the potential for growth in the cryptocurrency market, particularly for Ethereum.

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Price & Performance

The Ethereum price has added 6.61% during writing on December 28, and traded at $2,375.53, while its trading volume over the last 24 hours rose 86.47% to $17.86 billion. Meanwhile, the market cap of the crypto also noted similar percentage gains to its price and stood at $285.52 billion.

Notably, the crypto has added nearly 8% over the last seven days, along with a monthly surge of 18%. Meanwhile, it has also noted the attention of market watchers with around 100% surge in 2023.

Meanwhile, with the bullish predictions of analysts and increasing hype over the ETH price, crypto enthusiasts are keeping a close watch on the recent price movements. Notably, traders and investors will be keenly observing whether Ethereum can sustain the mentioned support level and pave the way for the anticipated expansion in the coming market cycles.

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor and crypto journalist at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.