BTC price fluctuated between $42,500 and $43,800 in the last 24 hours, but some altcoins managed to double their gains. For example, SOL Coin is now over $120, and AVAX is not far from its $50 target. However, the altcoin king ETH has not yet shown the desired performance. No one expected such a weak performance after the transition to PoS.
Ethereum (ETH)
Even though it’s a weak recovery, ETH price has continued to rise by maintaining the support trend line since May. This was the best ETH could do while other altcoins appreciated tenfold. The rally accelerated after the jump, bringing the annual high of $2,403 on December 8th. The increase was extra significant because it represented a break from the 550-day resistance.
This area, which served as support since April 2021 before turning into resistance in May 2022, has not been held for now. However, investors are hopeful. For example, popular analyst Pentoshi, who has been followed by crypto investors for years, wrote;
“We have been watching the BTC ETF bull from $25,000 to $28,000. Soon, we will do it all over again with the ETH ETF in 2024. Believe what you want, it’s all game theory. As the date approaches, people will be less willing to sell, and others will be sitting at the table wanting to buy when the price hits $3,400.”
ETH Price Target
There is a very clear reading for the altcoin king. The RSI is rising, and the price is increasing, albeit weakly. More importantly, the indicator is almost moving into the overbought zone. Both suggest that Ethereum (ETH) could see further increases.
It did this three times in the previous cycle. The movements experienced before resulted in rises ranging between 105% and 340%. So, we might be on the eve of days when the price could at least double. If history repeats itself, the ETH price could double.
The most notable resistance area for a potential major rally is at $3,400, and if this area is breached, there could be little time left to reach the ATH region. However, there is a problem: the expected level of demand is not being drawn yet, and the ETH story must provide this for ETH.
Conversely, closures below $2,000 could lead to a drop to $1,650.
