Ethereum

2024

United

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As 2024 kicks off on a bullish note, crypto analyst Ali hints at the next key price targets for<a href="https://u.today/ethereum-eth-breakout-on-horizon-as-price-hits-key-level-details" rel="noopener noreferrer nofollow"> Ethereum</a> based on the indicator "MVRV Pricing Bands."
According to Ali, the next key price targets for $ETH are $3,830 and $5,100, based on the MVRV pricing bands. At current Ethereum prices, these targets represent 58% and 110% increases, respectively.
In a <a href="https://twitter.com/ali_charts/status/1741814848982327779" rel="noopener noreferrer nofollow">tweet</a> on the first day of the year, Ali hinted that Ethereum might be poised for further gains. The reason he cited is that Ethereum faces no major barriers ahead.
<blockquote>
 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> looks set for further gains! The path ahead of <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> 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. <a href="https://t.co/s79YAlkS8w" rel="noopener noreferrer nofollow">pic.twitter.com/s79YAlkS8w</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1741814848982327779?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 1, 2024</a>
</blockquote>
Ali noted that the path ahead for ETH seems clear, with no significant supply barriers in sight. This might suggest a potential rise to $2,700 or beyond, he added. A strong demand wall at $2,000, on the other hand, provides steady support, potentially cushioning any corrections.
At the time of writing, ETH had risen 6% in the previous 24 hours to $2,425, paralleling Bitcoin's ascent beyond $45,000.
Bitcoin topped $45,000 for the first time in nearly two years as <a href="https://u.today/how-ethereum-whale-risks-liquidation-after-buying-25674-eth-details" rel="noopener noreferrer nofollow">investors</a> awaited the approval of an exchange-traded fund that would invest directly in the largest cryptocurrency.
Fear of missing out among certain traders in the United States and Europe in the run-up to the approval may have sparked bullish bets in favor of crypto assets such as Ethereum.
<h2 id="what-s-next">What's next?</h2>
Going forward, on the path to the aforementioned targets of $3,830 and $5,100, the Ethereum price may take some key intermediate steps. The initial goal would be to reach the $3,000 price level.On the upside, a break and close above the Dec. 28 high of $2,448 may indicate that the bulls have not given up. If this is achieved, buyers will attempt to push the price above $2,700 once more, kicking off a new uptrend toward $3,000.
On the other hand, if bears make a comeback, Ethereum <a href="https://u.today/ethereum-foundation-shifts-millions-in-eth-before-6-price-decline" rel="noopener noreferrer nofollow">might find</a> sturdy support at the daily MA 50 at $2,185. If the declines continue, the $2,148 low may be reached.

Ethereum's (ETH) Surprising Next Key Price Targets Hinted by This Indicator

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