Will Ethereum’s Growth Accelerate?
ETH price has risen consistently since falling to a low of $880 in June 2022. The rally was contained by an ascending resistance line, which triggered four bounces (red icons). The last time this happened was in December 2023.
During the rise, Ethereum also made increasing lows, accelerating each time after a rebound (green icons). The most recent rebound was recorded in October.
After more than 600 days, ETH price has finally broken the rising resistance line.
Source: TradingView
This breakout was very significant as it pushed ETH above the long-term horizontal resistance area that has existed since April 2023.
What analysts say
Cryptocurrency traders and analysts on Platform X are overwhelmingly positive about ETH’s prospects.
Thus, trader Mayne writes that his target level remains $3,400, and a weekly close below $2,044 will cancel this forecast:
ETH/USDT weekly chart. Source: X
Cold Blood shill suggests that the price will soon rise above $3,000, and CJ believes that ETH will go higher after clearing the lows.
Finally, Bluntz Capital Predicts ETH Will Outperform Bitcoin. He expects ETH/BTC to hit ₿0.01 in 2024, reaching a level not seen since 2018.
ETH Forecast: Will the 2020 Fractal Lead to Parabolic Growth?
If we compare the dynamics of Ethereum in the previous and current bull cycles, we will notice the following. In 2020, the asset broke through the horizontal resistance area, which for more than 1000 days alternately played the role of support and resistance.. This is very similar to the current breakthrough.
In addition, the readings of the RSI momentum indicator are almost identical. In 2020, the index moved into overbought territory (green icon) and then dropped below. The second entry into the overbought zone (green vertical trend line) was the signal that preceded ETH’s 1000% parabolic rise, leading to an all-time high.
A 1000% rise in this cycle would mean ETH reaches $27,000. In the short term, more reasonable targets are the $3,500 and $5,000 levels, which are 40 and 90% higher than the current price.
Source: TradingView
Meanwhile, Ethereum closing below $2200 will invalidate this bullish forecast. In this case, the price could fall by 40% to $1,600.
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