One technical analyst sees little room for an Ethereum correction and a greater upside for Ether toward the $3,000 level.
Ethereum (ETH) may be en route to higher prices in the short-to-mid term as crypto’s largest altcoin boasts favorable tokenomics and has seemingly marshaled support above a key level, according to trader Ali Charts.
The path ahead of ETH is clear, with no significant supply barriers in sight, suggesting a potential rise to $2,700 or beyond. Additionally, a robust demand wall at $2,000 provides solid support, potentially cushioning any corrections.
Nearly two million wallets accumulated almost 40 million ETH between $1,900 and $2,020 price ranges, forming a formidable wall against massive market dumps.
Ethereum is also scheduled for notable technological upgrades like EIP-7514 and EIP-4844, also referred to as proto-danksharding, which is geared towards enabling more transactions for cheaper gas fees. Both EIPs are included in Dencun and could roll out before the end of the first quarter of 2024 as crypto.news reported.
Applications for spot ETH ETFs from firms like BlackRock, Fidelity, Galaxy, Grayscale, and Invescco could also act as catalysts for progressing Ethereum price movements. Much like its Bitcoin (BTC) counterpart, ETH ETFs are touted to channel considerable capital toward the top altcoin in cryptocurrency markets.
Experts at America’s biggest bank, JPMorgan Chase, believe Ethereum could outperform Bitcoin in the crypto and ETF markets.
The two leading digital currencies saw massive growth in 2023, recording gains of over 90% as the broader cryptocurrency market transitioned toward bullish sentiment. While BTC increased by around 158%, ETH gained 93% per TradingView data.
