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Ethereum could surpass US$4,000 in 2024 even with correction
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Ethereum, the second largest cryptocurrency on the market, should surpass the US$4 thousand mark before the end of the year. The forecast is from Carl Runefelt, technical analyst and investor, who highlighted the solid price structure of the asset in recent weeks. It is important to highlight that yesterday (25), the ETH reached its highest value in four months surpassing US$3,500.
Since July, Ethereum recorded its highest level of appreciation, and this Monday (25), it cost US$3,700. According to the analyst, the consolidation above the 200-day moving average, located at US$2,965, confirmed an upward trend, reinforcing the positive sentiment in the market.
Runefelt’s technical analysis indicated that surpassing the US$3,700 level could quickly take Ethereum to US$3,900, with a possible climb to US$4,000. This scenario depends on the breakdown of resistance that has historically caused price declines, in addition to greater purchasing volume from institutional and individual investors.
Growing institutional interest is one of the main factors supporting the optimism surrounding Ethereum. High activity on its network and continued demand for blockchain-based solutions such as smart contracts reinforce confidence that new highs can be reached.
Ethereum ETFs
According to the latest data from SoSoValue, Ethereum spot ETFs US-based witnessed a net inflow of $91.21 million on Friday. This positive single-day performance represents the first net inflow for exchange-traded funds since November 13.
So, while the outlook is largely positive, the market is cautiously watching Ethereum’s ability to break through current resistance. According to the analyst, if there is no consistent break above US$3,700, there is the possibility of a sideways consolidation or even a pullback.
At the time of writing this article, the Ethereum operates at a lowhaving dropped 4.7% in the last 24 hours to US$3,315.
Ethereum could surpass US$4,000 in 2024 even with correction
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Ethereum could surpass US$4,000 in 2024 even with correction
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Ethereum could surpass US$4,000 in 2024 even with correction
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Ethereum could surpass US$4,000 in 2024 even with correction
