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Ethereum Bulls Predict Record High in 2024 as BTC Surpasses $45K!

January 2, 2024

Ethereum’s price surge is poised for an upward breakthrough beyond the $2,440 resistance, mirroring Bitcoin’s ascent past $45,000.

Key Takeaways

  • Ethereum eyes a breakout beyond the $2,440 resistance, aligning with Bitcoin’s surge past $45,000.
  • Current price stands above $2,350 and the 100-hourly Simple Moving Average, indicating positive momentum.
  • A significant bullish trend line was breached, contributing to Ethereum’s upward movement.
  • Critical resistance levels at $2,400 and $2,440 must be surpassed for further upward momentum, potentially reaching $2,500 and beyond.

Ethereum Ascent and Bitcoin’s Influence

Ethereum, buoyed by a recent resurgence, is positioning itself for a notable breakthrough above the $2,440 resistance level. This upward trajectory follows Bitcoin’s successful breach of the $44,400 resistance zone. Ethereum’s recovery is evident as it moved beyond the $2,300 and $2,320 resistance levels.

Technical Breakthrough and Key Levels

An essential development in Ethereum price prediction is the breach of a significant bearish trend line, with resistance near $2,300, as observed on the hourly ETH/USD chart. The cryptocurrency has also surpassed the 61.8% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.

Currently trading above $2,350 and the 100-hourly Simple Moving Average, Ethereum faces immediate resistance near the $2,400 level. This level is close to the 76.4% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.

Potential Upside and Key Resistances

The first major resistance lies at $2,445, and a successful close above this level could propel Ethereum toward $2,500. Subsequent resistance levels are identified at $2,550 and $2,620. Should bullish momentum persist, Ethereum might target the $2,800 zone.

Technical Indicators and Market Sentiment

Hourly MACD indicates increasing bullish momentum for ETH/USD, while the RSI is now positioned above the 50 level, signaling positive market sentiment. These technical indicators emphasize the significance of the $2,320 support and the $2,400 resistance levels, which are likely to influence Ethereum’s near-term price action.

To Conclude

Ethereum’s current bullish momentum, driven by positive technical indicators and Bitcoin’s upward trend, positions the cryptocurrency for a potential breakout beyond $2,440. Key resistance levels at $2,400 and $2,440 must be surpassed for sustained upward momentum, with potential targets at $2,500 and beyond.

Conversely, failure to overcome $2,400 could lead to a retracement, with crucial support at $2,320. The interplay between technical indicators and key price levels will likely shape Ethereum’s price action in the near term.

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