According to Van de Poppe, Ethereum’s current market movements indicate an enduring upward trend. Despite potential corrections, possibly even dipping to around $1,900, Van de Poppe remains confident about Ethereum’s robustness.
Ethereum Technical Indicators: A Closer Look At The Upward Trend
Delving deeper into Ethereum’s market behavior, Van de Poppe’s analysis brings attention to ETH’s “positive support and resistance flip at the $2,125 mark.” Utilizing the Fibonacci retracement indicator, he extrapolates Ethereum’s potential rise to between $3,400 and $3,800 by the first quarter of 2024.making a positive support and resistance flip at the $2,125 mark. Even if it corrects to $1,900, the trend remains up and the next area for resistance is found at $3,400-3,800 in Q1 2024. — Michaël van de Poppe (@CryptoMichNL)Meanwhile, in recent days, Ethereum has experienced a retracement, with its value descending from the $2,300 region on Sunday to a low of $2,161 yesterday. However, this pullback appears to have been short-lived. Ethereum appears to have found support at this lower boundary, subsequently reversing its descent.
This support level, identified as an order block in market terms, historically signals a potential reversal in price action. So far, Ethereum has demonstrated a resurgence, gaining 2.3% in value over the past 24 hours, reinforcing the predictions of a continued bullish rally.
With the asset currently trading at $2,276, at the time of writing, its daily trading volume has picked up from a low of $12.7 billion recorded yesterday to as high as above $20 billion as of today.
Ethereum’s Future: Beyond Van de Poppe’s Analysis
The optimistic outlook for Ethereum extends beyond Van de Poppe’s analysis. JPMorgan analysts also share a positive view of Ethereum’s future market performance. They anticipate Ethereum outperforming Bitcoin and other digital currencies by 2024.
As reported by NewsBTC, their analysis revolves around Ethereum’s upcoming EIP-4844 upgrade, also known as Protodanksharding.