Ethereum’s recent surge and technical analysis suggest a potential rise to $3,400, buoyed by market optimism and strong fundamentals.
Published 3 hours ago
Ethereum price prediction: ETH has recently outperformed Bitcoin, marking a significant 14% increase within a fortnight. The cryptocurrency recently surpassed the $2,500 mark, a first since May 2022. This breakthrough, fueled by robust fundamentals and growing optimistic market sentiment, sets the stage for Ethereum’s potential climb to the $3,400 level.
Ethereum’s Bullish Trajectory and Market Optimism
After reaching a multi-week high near $2,716, Ethereum price experienced a slight correction, dipping below $2,600 and $2,550. Despite this, the overall momentum remains bullish. Last week’s ETF approval contributed to a surge in Ethereum’s price, maintaining it above the $2,500 threshold. This upward trend presents a promising outlook for Ethereum’s near-term price increase.
Ethereum price is currently hovering around $2,514, showcasing an impressive gain of over 64% in the past year and a 10% increase in the last month. Despite a minor 1% decrease in the past day, this significant growth suggests a predominantly positive sentiment towards Ethereum. It positions the cryptocurrency as a viable option for both long and short-term investment strategies.
Ethereum Technical Analysis and Price Movements
A cryptocurrency analyst, Ali, recently highlighted Ethereum’s breakout from an ascending triangle on the weekly chart. Despite short-term market fluctuations, Ethereum’s price aims for the $3,400 target. Ali predicts a potential bullish run in the upcoming days.
Remember that #Ethereum broke out from an ascending triangle on the weekly chart. Despite the short-term volatility, $ETH continues to target $3,400! pic.twitter.com/kQ2ncLuFjL
— Ali (@ali_charts) January 14, 2024
The next major resistance level for Ethereum lies near $2,600. A decisive move above this level could propel Ethereum towards the $3,000 mark and potentially even higher towards the $3,400 zone. Conversely, failure to surpass the $2,500 resistance might lead to a downward trend. The initial support level is around $2,440, with further declines potentially testing the $2,300 support.
The daily Moving Average Convergence Divergence (MACD) indicates bullish momentum, with a positive crossover observed on the daily chart. The Relative Strength Index (RSI) has risen above 50, entering a neutral zone. This suggests a strong buying interest but hints at the possibility of a short-term correction. Additionally, the 20-EMA currently stands above the 50-EMA, indicating ongoing bullish pressure.
The Awesome Indicator highlights a bullish trend, overcoming a slight dip as the latest up-candle engulfs the prior down-candle. This suggests strong upward momentum. Additionally, the Chaikin Money Flow Indicator, at 0.06, confirms a positive market sentiment, indicating a flow of capital into the market, a sign of investor confidence.
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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.
Source: https://coingape.com/markets/ethereum-price-prediction-will-triangle-momentum-propel-eth-to-3400/