Ethereum Price Prediction as ETH Rises Above $2,300 – Can ETH Reach $3,500 by December 31?
Ether (ETH), the second most valuable cryptocurrency by market capitalization that powers the smart-contract-enabled Ethereum blockchain, was last up close to 5% on Thursday and just hit fresh highs for the year in the mid-$2,300s.
Ethereum remains the dominant blockchain used by Decentralized Finance (DeFi), Non-Fungible Token (NFT) and broader web3 industries, accounting for around 70% of the crypto industry’s $107 billion in total value locked (TVL) as per DeFi Llama, which refers to the total value of all crypto locked in smart contracts.
Ether has been pumping in recent weeks amid a broader resurgence in risk appetite across the crypto market that saw Bitcoin this week surge to fresh yearly highs above $44,000.
That pump has come amid optimism about expected near-term spot Bitcoin ETF approvals and about a potentially imminent dovish monetary policy pivot from the US Federal Reserve, which could lead to a more favorable liquidity environment.
But with major asset managers like BlackRock also moving to create spot Ethereum ETFs, with the Ether supply having recent switched back to deflationary thanks to improving on chain activity and with Ether having substantially lagged Bitcoin’s rally this year (ETH is up 96% year-to-date versus BTC’s 164% gain), the case for strong near-term Ether price gains strong.
Recent technical developments also support the case for further upside, with near-term price predictions likely to remain bullish as a result.
ETH recently broke above and then found strong support at key long-term resistance in the $2,150 area.
Chart analysis shows that there aren’t many key resistance levels now going all the way until 2022’s highs in the $3,500 area, meaning quick potential upside of around 50% in the
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