Ethereum Price Prediction with Major Gains Expected in 2024 – Can ETH Surpass Its All-Time High?
The Ethereum price has gained 2% today, rising back to $2,260 as the wider market recovers from a sharp selloff earlier in the week.
ETH’s current price means that it has lost 4% in a week and 0.5% in the last 30 days, yet the biggest altcoin in the market remains up by a very healthy 81% in the past year.
In other words, this week’s haircut hasn’t done much to dislodge Ethereum from its strong position, with the coin potentially on course to ride a bull market in 2024 to new highs.
Ethereum’s indicators are in a mixed position right now, with the coin’s recent rallies arguably putting it in a position where it should correct downwards for a bit.
For instance, its 30-day average (yellow) has been well above its 200-day (blue) for a couple of months now, implying that traders had overbought it in recent weeks and that it needs to cool down.
At the same time, ETH’s relative strength index (purple) is hovering around 50, having been high at the start of December.
Its downwards trajectory since last month could mean that it’s on course to fall further, perhaps towards 30, before we see some concerted rises again.
Yet one thing holders can take heart from is the fact that ETH’s support level (green) has risen and held up consistently well since November, so even if ETH struggles to rise in the short term it’s unlikely to fall significantly.
In terms of when we can expect a recovery, the SEC’s potential approval of Bitcoin ETFs will lift the wider market massively, including Ethereum.
And given that the market is expecting the Fed to soften its rate stance this year, crypto could see another strong bull market, helped along by Bitcoin’s next halving.
Ethereum L1 is an API for security guarantees.
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