Is Ethereum (ETH) Ready For A Monster Move In January 2024?
In a recent post on X, Sassal, an independent Ethereum educator, is bullish on Ethereum (ETH) and believes that the narrative of the “death of ETH” is losing steam. This sentiment has led Sassal to suggest buying more ETH in anticipation of an upcoming bull run.
Sassal is confident in Ethereum’s fundamentals, particularly its ability to capitalize on the growing demand for decentralized finance (defi) and non-fungible token minting services. While Ethereum may not have performed as spectacularly as meme coins like BONK or PEPE, it remains the second most valuable network, trailing only behind Bitcoin.
Looking at the candlestick arrangement in the daily chart, ETH is currently within a bullish formation. Despite experiencing a pullback from its peak of around $2,400 in December 2023, ETH still has strong buyer support. The coin found support at the 20-day moving average and is trading above the $2,100 resistance line from July 2023, indicating the validity of the bullish breakout formation from early December 2023. This suggests that optimistic buyers could be targeting $3,000 and even 2021 highs of $5,000 in the coming days.
Furthermore, the platform’s developers are working on enhancing performance and scalability with the implementation of Ethereum 2.0. On-chain scaling solutions like Sharding are also set to be introduced, allowing the network to be fragmented into interconnected units called “shards.”
Another commentator on the X post added that historically, December and January have been “monster months” for Ethereum in previous bull markets. This suggests that while Ethereum may not have experienced triple-digit price rallies like certain meme coins or outperformed Solana (SOL), it could still be poised for a significant price rally in the coming months.
However, the future price evolution of ETH remains to be seen, and breaking the key reaction point of $2,500 could trigger further demand.