Ethereum Price Prediction: ETH Rises 10% as Economist Says BTC Price Is ‘Limited’ But This Bitcoin Derivative Breaks $8 Million.

adminJanuary 12, 2024

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Ethereum price pumping It’s up more than 10% in the last 24 hours, trading at $2,633.61 as of 8:35 a.m. ET.

Investor interest may shift to ETH

Economist Alex Krüger, who has 163,000 followers on

Fake ETF news emerges $BTC Until we see actual ETF inflows, the upside is clearly limited.
hour $ETH Take over.
— Alex Kruger (@krugemacro) January 9, 2024

The economist said he believed so. Bitcoin It is currently at its peak. As a result, he believes that Ethereum will start to outperform major cryptocurrencies in the ETH/BTC trading pair.

Receive on-site approval Bitcoin Krüger believes that the ETH/BTC pair has reached a market bottom, considering the US Securities and Exchange Commission’s ETF and the market’s belief that the Ether ETF could be next.

Adding to his outlook for the ETH/BTC pair are the overwhelming gains Bitcoin printed after the fake ETF announcement was posted on X earlier this week. The economist believes this is a sign that BTC’s “upside is clearly limited.”

Ethereum price is facing strong resistance.

TradingView Charts

ETH/USDT 4-hour chart (Source: TradingView)

Ethereum price is attempting to overcome the $2,685 resistance level. However, bears could now defeat the bulls as no altcoin leader has surpassed that mark in the last 24 hours. Nonetheless, there is still ample buy support as seen by the presence of a wick below the current 4-hour candle.

If bulls can break above the $2,685 threshold in the next 24 hours, ETH could receive the support it needs to continue rising over the next few days. That could pave the way for the price of Ethereum to rise to $2,840 in the near term.

However, a rejection of the $2,685 barrier could trigger selling pressure from traders. In this alternative scenario Ethereum The price may correct towards the immediate support level located at $2,440. If ETH potentially reaches this level, continued selling pressure could push it down to $2,295 in the coming days.

ETH is subject to simple adjustments

Technical indicators on the 4-hour chart indicate that the Ethereum price has entered overbought territory. More specifically, the relative strength index (RSI) hit 77.81. This technical flag could lead to a temporary decline in the price of Ethereum.

However, buyers still had an advantage over sellers as RSI was above the simple moving average (SMA). As a result, if the price of Ethereum falls within the next 48 hours, it can be seen as a strategy to build liquidity before going up again. The scenario of another bullish trend for ETH will remain as long as the RSI line is above the SMA line on the 4-hour chart.

Another technical indicator that supports the bullish argument is the moving average convergence divergence (MACD). The MACD line was breaking above the MACD signal line, which can be identified as a sign that the Ethereum price will continue to rise in the coming days as the positive trend is still strong. However, caution is warranted as a negative slope in the MACD histogram could be an early sign of a bearish trend reversal in the near future.

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