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- 1 ETH price prediction suggests an upward range expansion may be visible by January 2024 end.
- 2 Ethereum price held $2200 support and showed a decent bounce.
- 3 The trend of this coin stays upward so it may reward investors in the short run.
Ethereum price prediction says bulls are more active and have a higher chance of winning the battle inside the range.
ETH price has spent quite a long time in the range between $2100 to $2400. Buyers successfully defending the lower range support indicates that it formed a strong base. Moreover, the price gave a bounce and was preparing for another attempt to break the higher range.
The trend of ETH crypto is still in the upward direction because the price is sustaining above the 50-day EMA. The strength of bulls is clearly visible in the chart, so it increases the probability of the breakout.
The chart structure of Ethereum is bullish and the dominance of buyers is visible. If the buyers succeed in taking control of the $2400 supply zone, 6% to 8% more upside will open. However, for any reason, if the price faces rejection, it might revert down and slide to $2200.
At present, the price behavior of this coin says more scope of upside is open. Therefore, it will be wise to accumulate ETH from the current level and participate in the bull run.
ETH Price at Crucial Hurdle; Will It Break Out?
ETH price needs the participation of whales to break the $2500 barrier with a high volume. Until the breakout happens with a strong volume, the sellers will not step back and keep searching for ways to give rejection.
Presently, Ethereum price is preparing for the fourth attempt to push above $2400. This attempt looks powerful as compared to the previous ones. The technical analysis suggests ETH is inside the bulls’ grip so new swing highs are possible in the coming months.
What If the Ethereum Price Starts Flying Above $2500?
The next directional move in Ethereum price will be visible when buyers are able to take control of the supply zone. If the price begins to fly toward $2500, then it may attract new investors which will fuel the positive momentum.
Recently, the MACD curve generated a fresh positive crossover and the histogram bar turned green. It shows that bulls are strengthening their grip and getting ready for a sharp move. The supertrend says till the coin sustains above $2,111 the trend will remain upward.
Conclusion
ETH price prediction is highly bullish for January as well as for February 2024. After analyzing the price chart it can be said that a fresh breakout may be visible soon.
The analysis suggests Ethereum is in an uptrend and investors may look to buy it for generating nominal returns.
Technical levels
- Resistance levels: $2450 and $2603
- Support levels: $2210 and $2100
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.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
