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Altcoin king Ethereum (ETH) continues to struggle to overcome the $2,500 psychological barrier, and this trend is expected to continue until the end of the year. The famous Ethereum Rainbow price chart presented by BlockchainCenter also confirms this expectation but offers an interesting output for ETH.
“Still Cheap” Zone
Investors and traders are utilizing the Ethereum Rainbow chart to analyze the historical price trends of ETH, the second-largest cryptocurrency by market value and also the largest altcoin. This chart, based on a combination of various moving averages (MAs), facilitates more informed investment decisions.
According to the chart, ETH is currently in the ‘Still Cheap’ zone represented by the light green color. This zone corresponds to a price range between $1,597 and $2,306. The next zone, represented by the orange color, is the “Hold” zone, which corresponds to a price range between $2,302 and $3,342. BlockchainCenter’s Ethereum Rainbow chart signals that the future is bright for ETH in every aspect.
Ethereum Projection for January 2024
At the beginning of the next year, as Ethereum moves along the fine line between the ‘Still Cheap’ and ‘Hold’ zones, significant price movement is not expected. However, an alternative Ethereum Rainbow chart created by CoinCodex suggests that under the same conditions, ETH could remain in the “Hold” zone on January 1, 2024, at approximately $3,033.
ETH is trading at $2,292 at the time of writing this article, up 1.91% in the last 24 hours, and CoinCodex’s January 2024 forecast implies a potential increase of about 33% for the altcoin king.
Furthermore, technical indicators on TradingView also signal an uptrend for Ethereum. The summary of technical indicators shows 11 “Buy” signals, with 9 moving averages giving “Buy” signals. Oscillators are giving 8 “Neutral” signals.
