Bitcoin continues to stay above the $52,000 mark, and some altcoins have successfully breached tough resistance levels. The underlying excitement in the market is due to an increased appetite for risk, which seems normal considering the events anticipated in 2024. Ethereum (ETH), in particular, holds a distinct position among altcoins. So, what do the experts think?
Comments on Ethereum
We have witnessed and will continue to see many significant developments in the first half of this year. The Federal Reserve is likely to make its first interest rate cut in June, and by April, we’ll see the Bitcoin block reward halving. For Ethereum specifically, there is the major Denison update in March and final decisions on Spot Ethereum ETFs will be made in May.
On the other hand, Ethereum, the largest altcoin by market value, is on the verge of reaching $3,000 again after 665 days. Although its price has retreated from $2,980, at the time of writing, it continues to find buyers at the threshold of $2,930.
The weekly RSI is extremely strong, having risen above 70, which supports the strong belief that the rally will accelerate. Considering the ETHBTC pair lingered at the lows of 2022, the outlook is positive.
Ethereum Price Predictions
CryptoMichNL user (Michael Poppe), one of the most followed experts for years, believes that ETH’s price will now perform better than BTC. Regarding the recent rise of the altcoin king, which lost value against BTC, Poppe wrote:
“Ethereum at $2,980. Mocking words say Ethereum won’t gain anything because it’s just in a downtrend. It’s still a great period to shift from Bitcoin to Ethereum. The upward momentum continues with Ethereum, not Bitcoin.”
InmortalCrypto points to the ETHBTC chart and writes that momentum is expected to increase. CredibleCrypto expects the ETH price to rise after a potential short-term decline. The last analyst known by the pseudonym Byzantine General also shared similar views.
Current technical readings indicate that the ongoing upward movement is targeting the all-time high level.
If the expected scenario unfolds, we could soon witness ETH’s price rise to $4,000. Beyond that, it should surge to a new peak, surpassing the ATH region. However, for the optimistic scenario to materialize, we should not see a close below $2,700.
