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- 1 Ethereum price prediction suggests that ETH crypto is bullish for 2024 and more scope for upside is open.
- 2 ETH price is attempting to break out of YTD high at $2141.
- 3 The EMAs in the ETH crypto display a golden crossover.
Ethereum price prediction is highly bullish for 2024 and suggests it might perform well in the upcoming bull run.
ETH price holds the $2000 mark and forms a bullish continuation pattern. The buyers’ dominance is visible and they are trying their best to resume the momentum to hit a new swing high.
The 50-day EMA and 200-day EMA displayed a golden crossover. It triggered the positive sentiment and added to the upward momentum in ETH.
In mid-November, Ethereum price broke out of the $2000 level with a massive buying volume. It formed a giant bullish candle and surged approximately 12% in a single day.
However, buyers did not give the follow-up momentum and got stuck in a range between $1900 to $2142.
Currently, the ETH price is continuing the consolidation to form a base. Buyers tried multiple times to break the $2142 level to expand the range upward.
The buyers did not succeed and the price is still trading inside the range. It shows that the sellers are active so it will be difficult for the bulls to take control over the supply zone.
Will the Ethereum Price Breakout of YTD in December?
Ethereum price rose 13.08% last month and the majority of the gain was visible after the $2000 breakout. The price action indicates that consolidation will be over soon and this sort of massive breakout might be visible again.
The chart structure of ETH is highly bullish and suggests that it will hold the $1900 level. The price will continue to trade with a bullish bias and any minor retracement will be bought up.
The technical analysis says that ETH price is in a strong uptrend and may fly to the $2200 level in December. Therefore, new investors may seek to buy at current levels and existing investors must hold their position.
ETH Price is Regaining Positive Momentum
ETH price is regaining the positive momentum and seems to be getting ready for a directional move. The daily, weekly, and monthly timeframe charts had turned bullish; indicating that the $2200 level may be visible soon.
If the Ethereum price continues to consolidate for a few more weeks in the existing range, then it will substantially increase the possibility of a YTD high breakout.
The MACD curve sustaining above the zero line indicates bullishness. The RSI at 62 favors the bulls and suggests that more upside is pending.
Conclusion
Ethereum price prediction suggests a rise in December 2023 and a new YTD high may be visible.
The chart pattern is highly bullish and shows that an uptrend will continue and ETH crypto might participate in the bull run. Therefore, investors should stay invested in ETH due to the generation of nominal returns in the long run.
Technical Levels
- Resistance levels: $2142.00 and $2200.00
- Support levels: $1984.00 and $1904.23
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
