Recent market trends paint a positive picture for Ethereum (ETH), implying that the popular crypto may be entering a period of growth.
The price increase of Ethereum to $2,402 reflects a strong bullish outlook, driven by a number of factors that have piqued the interest of investors.
VanEck, an investment firm, published a report outlining 15 projections for the cryptocurrency landscape in 2024. While discussing Ethereum’s potential to surpass Bitcoin, the report takes a nuanced approach, implying that despite significant gains, Ethereum may fall short of “flipping” Bitcoin.
Technically, Ethereum’s performance remains positive, with a strong bullish trend supported by key indicators such as the simple moving average.
The crypto is currently attempting to break through critical resistance levels of $2,350 and $2,500. A successful break could signal the continuation of the bullish trend, attracting both retail and institutional investors.
Experts predict that Ethereum will reach $3,500 by the end of the year, propelled by the market’s current bullish sentiment.
The upcoming Bitcoin spot exchange-traded fund (ETF) may also have an impact on Ethereum’s price in December, though any potential declines are expected to be minor as sell-side pressure weakens.
If Ethereum maintains its strength around $2,400, it could rally even further to $2,650 or even $2,800. This could cause holders to experience FOMO (fear of missing out), prompting speculative buying with an eye on additional gains at $2,950, $3,250, and potentially $3,500.
A trend reversal, on the other hand, could result in a retest of support at $2,300, with a strong recovery pushing it back above $2,400.
A larger correction could change the technical structure, prompting a retest of $2,100 before another attempt at recovery.
