Ethereum, a leading altcoin, experienced moderate performance in 2023, registering only a 90% increase. However, the scenario for 2024 appears promising. Ethereum's price recently surged past a long-term horizontal resistance, and technical indicators, including the weekly Relative Strength Index (RSI), suggest a continuation of this upward trend. Despite this optimism, there's caution: a weekly close below the $1,950 support area could lead to a significant drop. Analysts are optimistic about Ethereum's future, expecting it to start catching up soon. Notably, Ethereum's dominance in the market, although below a critical 17% support level, hasn't yet closed below this point weekly. This scenario, combined with the all-time high in Ethereum Layer-2's total value locked, indicates a potential increase in ETH's price. While analysts predict a bullish trend for Ethereum, the market remains volatile, and a dip below $1,950 could trigger a 25% drop to the ascending support trend line at $1,700
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
