Crypto News

Ethereum (ETH) surpasses $2,400, Surging 1.7% in the last 24 hours

The price increase of Ethereum to $2402 reflects a strong bullish outlook

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.

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Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.