Exploring the possibility of a new peak for Ethereum in 2024
Ethereum (ETH), the world’s second largest cryptocurrency, is showing strong momentum as its price rises again, regaining levels above $2,000.
This bullish trend is gaining traction coinciding with significant developments from the U.S. Securities and Exchange Commission (SEC). Regulators are engaged in discussions regarding the potential approval of a spot Ethereum exchange-traded fund (ETF).
This pivotal development has injected optimism into the Ethereum market as the prospect of ETFs opens new possibilities for mainstream adoption and investment, further fueling the current upward trajectory of Ether’s value.
Ethereum’s Ascending Triangle: Potential for a Bullish Breakout
For several months, the price of Ethereum has been in a consolidation trend forming an ascending triangle. The technical composition is bullish in nature, but only after a profitable breakout.
A trend line connects the same highs and higher lows in an ascending triangle configuration. This arrangement indicates that investors are becoming more confident and buying dips at a faster rate.
ETHUSD currently trading at $2,066 on the daily chart: TradingView.com
Interestingly, today’s chart shows that there are no “drops” to buy as Ethereum breaks the vaunted $2,000 level and heads into December on a high.
Ethereum is not only catching up, but is rising to unprecedented heights. The price of ETH is currently up 3% to $2,100, with investors and enthusiasts excited about the possibility of a rise above $3,000.
Ether’s impressive success against Bitcoin is a key indicator of this, with it outperforming the alpha cryptocurrency by almost 5%. Significant on-chain signals suggest that ETH may continue to outperform BTC this month.
Fidelity Filing Promotes Ethereum Optimism
The first sign of a bullish move was a break above the psychological $2,000 barrier, but there was a lot of seesawing around this level. More specifically, ETH is trading between the weekly support level of $1,930 and the Q2 high of $2,140. This has been going on for four weeks in a row.
#Ethereum Fidelity’s Spot ETF Report!
Check my thesis. #Bitcoin Once it shines, we will see Ethereum soar to $3,500 in the first quarter of 2024.
— Michael van de Poppe (@CryptoMichNL) November 30, 2023
Crypto analyst Michael van de Poppe expressed optimism about Ethereum in light of the Fidelity filing. With this submission, he affirmed his belief that Ethereum can hit $3,500 during the first quarter of 2024, following Bitcoin’s meteoric rise.
Source: Santiment
In a related development, research shows a significant increase in Ethereum whale accumulation. On-chain data indicates that the largest Ethereum wallets are showing positive patterns that suggest major changes, according to Santiment.
ETH Price Volatility Trends vs. Bitcoin. Source: IntoTheBlock
Meanwhile, Ethereum has posted an impressive 30-day average intraday volatility score of 0.45%, surpassing Bitcoin’s 0.32%, according to a recent study by IntoTheBlock.
These changes in volatility dynamics may require changes in investment strategies as well, which will highlight the dynamic outlook of the Ethereum market.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is at risk.)
Featured image from Freepik
