Is Ethereum (ETH) ready for a monster move in January 2024?

In recent years post At X, independent Ethereum educator Sassal is doubling down on Ethereum (ETH). The angel investor said that based on current market sentiment, there are signs that the “death of ETH” narrative is losing steam.

This is why, in Sassal’s view, more ETH is purchased ahead of the expected bull market.

Ethereum Bulls Confident, ETH Resistance $2,400

Independent Ethereum educators taking an optimistic stance appear confident that Ethereum’s fundamentals are strong. More importantly, the analyst is confident that the network is well-positioned to capitalize on the growing demand for protocols, including those providing decentralized finance (defi) and non-fungible token issuance services.

So far, Ethereum remains the second most valuable network behind Bitcoin, despite its relatively slow performance compared to meme coins like BONK and PEPE.

Judging by the candlestick arrangement on the daily chart, the coin is within a bullish pattern.

The coin rose nearly 60%, peaking at around $2,400 in December 2023 before returning to spot rates. Despite the cooling off period, buyers still have the upper hand.

At the time of writing on December 12, ETH price found support at the 20-day moving average, the dynamic response line. It is also trading above the $2,100 support level, hitting a July 2023 high. Therefore, this means that the bullish breakout formation in early December 2023 is valid.

Such a move could lock in bullish buyers targeting $3,000 and possibly a 2021 high of around $5,000 in the coming days.

Network Upgrading: Will This Make Prices Even Higher in January 2024?

The likelihood that the trend will continue in 2024 comes from platform developers’ plans to improve performance and scalability. With Ethereum 2.0 live, developers have been researching layer 2 scaling options such as Arbitrum and Optimism to alleviate the mainnet.

However, in the future, on-chain scaling solutions such as sharding, where the network is fragmented into interconnected units called “shards”, will be released.

X echoes the sentiments of Sassal, another commentator on the post famous Those December and January have historically been “monster months” for Ethereum in previous bull markets.

This suggests that the coin may be poised for a significant price rebound in the coming months, even if the price of Ethereum does not rebound by triple digits like some meme coins or even surpass Solana (SOL).

Nevertheless, it is still unknown how the ETH price will change in the upcoming session. For now, $2,500 remains a key reaction point that could trigger further demand if broken.

Featured image from Canva, chart from TradingView

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.