.png){kind=logo}
Ethereum, the second-largest cryptocurrency in the world, has surged 5% above the $2,300 support zone, reaching US$2,441 and outperforming Bitcoin. In this article, we will discuss the latest crypto news and reasons behind Ethereum's recent surge and what it means for the future of cryptocurrency.
Ethereum's recent surge can be attributed to several factors. First, the overall cryptocurrency market has been bullish lately, with many cryptocurrencies experiencing significant gains. Second, Ethereum has been gaining popularity as a platform for decentralized applications (dApps) and smart contracts. Third, Ethereum's upcoming upgrade, Ethereum 2.0, is expected to improve the network's scalability and security.
Ethereum exhibited resilience as its price dipped below US$2,250, touching US$2,192 before a bullish resurgence. Surging past resistance levels at US$2,250 and US$2,280, ETH soared above US$2,350, marking a multi-day high at US$2,441. Currently consolidating gains, Ethereum maintains levels above the 23.6% Fibonacci retracement from the US$2,180 low to the US$2,289 high.
Trading above US$2,350 and the 100-hourly Simple Moving Average, Ethereum faces resistance near US$2,440, with a major hurdle at US$2,500. A breakthrough above US$2,500 could propel the price toward $2,620, initiating a potential uptrend. Beyond lies a crucial resistance at US$2,700, setting the stage for a test of the US$2,800 zone. ETH's upward trajectory suggests a shift in market sentiment, outperforming Bitcoin in this resurgence. As the bulls assert control, attention is on key resistance levels, particularly the pivotal US$2,500 mark, which could dictate Ethereum's trajectory in the near term. Traders are closely monitoring these levels, anticipating further bullish momentum and potential challenges on the path to sustained gains.
Ethereum's surge is a positive sign for the future of cryptocurrency. It shows that there is still significant interest in cryptocurrencies and that they have the potential to be a viable alternative to traditional currencies. Additionally, Ethereum's popularity as a platform for dApps and smart contracts suggests that there is a growing demand for decentralized technologies. Finally, Ethereum's upcoming upgrade, Ethereum 2.0, could help address some of the scalability and security issues that have plagued the network in the past.
Ethereum price is on a robust bull run, soaring from US$1,100 to US$2,300 with three upward surges. Despite trading within a bullish channel above key support, the weekly RSI near resistance indicates nearing highs. However, the pivotal support faces a stern challenge, as bears may exert strength to breach the channel.
Currently, Ethereum hovers near the crucial US$2,500 resistance, aiming for the upper channel band, contingent on surpassing the interim hurdle at US$2,386. Concerns arise from the lingering RSI, suggesting a potential dip to the channel's lower band and triggering crucial support. A rebound is anticipated, contingent on strong volume. Daily indicators, including RSI, MACD, DMI, and TSI, signal a bearish trend, heightening the possibility of an ETH drop below US$2,000 by 2023, though a BlackRock Spot ETH ETF could reverse the scenario and propel a bullish rally.
Closing out the tumultuous 2023, Ethereum's price prediction market price impressively rebounds, shaping an ascending triangle pattern on the weekly chart. Rebounding from the US$1000 mark in November 2022, the upward trend persists. Despite consistent resistance at US$2100, buyers are striving for a bullish breakthrough, spurred by the October rally in 2023.
Surging beyond the US$2200 barrier, Ethereum's price smashes overhead resistance, signaling a sustained uptrend and steering clear of a potential death cross in the weekly chart. Should buyers successfully breach the US$2200 mark, the bullish momentum is poised to intensify throughout 2024. Propelled by prospective Spot ETF approvals and the ripple effect from the Bitcoin Halving on altcoins, Ethereum's value has the potential to skyrocket, possibly reaching an impressive US$3825.
In a bullish scenario, Ethereum's market price may surge to an impressive $51,006, marking a remarkable 31-fold rise from its current value. This surge is driven by Ethereum's capacity to offer security as a service and its role as a store of value assets.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
