Ethereum Hits $2400 as Bullish Sentiment Triggers

• Ethereum (ETH) surpasses $2,400, climbing 1.7% in the last 24 hours.
• Speculations suggest that Ethereum may reach $3,500 by year-end.

Recent market trends indicate a promising trajectory for Ethereum (ETH), signaling a potential new era of growth for the cryptocurrency. With Ethereum’s price climbing and touching $2,402, suggests a solid bullish outlook driven by various factors.

An investment firm’s report by VanEck has highlighted 15 projections for the cryptocurrency landscape in 2024. While discussing the possibility of Ethereum surpassing Bitcoin, the report contradicts the expectation, foreseeing Ethereum falling short of “flipping” Bitcoin despite its substantial gains.

How is Ethereum (ETH) performing?

The technical analysis remains optimistic, showcasing a solid bullish trend supported by indicators like the simple moving average, signaling potential growth ahead. Key resistance levels of $2,350 and $2,500 are being tested, and an upward breakthrough could signify a continuation of the bull run, attracting interest from both retail and institutional investors.

Further, experts speculate that Ethereum may ascend to $3,500 by year-end, backed by the ongoing bullish sentiment in the market. Further, factors such as the Bitcoin spot exchange-traded fund (ETF) could influence Ethereum’s price in December, any declines are anticipated to be marginal as sell-side pressure weakens.

If Ethereum finds more strength around $2,400, it could potentially rally further to $2,650 or even $2,800. This may spark FOMO (fear of missing out) among holders, enticing speculative buying with an eye on further gains to $2,950, $3,250, and possibly $3,500.

Conversely, a trend reversal might see Ethereum retesting support at $2,300, with a strong comeback potentially pushing it above $2,400 again. Nevertheless, a stronger correction could alter the technical structure, leading to a retest of $2,100 before another recovery attempt.