Is Ethereum (ETH) Ready For A Monster Move In January 2024?
December 21 2023 - 5:30PM
NEWSBTC
In a recent post on X, Sassal, an independent Ethereum
educator, is doubling down on Ethereum (ETH). The angel investor
said that based on current market sentiment, there are signals that
the “death of ETH” narrative is losing steam. This is a reason, in
Sassal’s view, to buy even more ETH ahead of the expected bull run.
Ethereum Bulls Confident, ETH Resistance At $2,400 With the bullish
stance, the independent Ethereum educator appears to be convinced
that Ethereum’s fundamentals are strong. More importantly, the
analyst is confident that the network is well-positioned to
capitalize on the growing demand for protocols, including those
offering decentralized finance (defi) and non-fungible token
minting services. Related Reading: Renewed Hope For Crypto:
2023 Sets The Stage For A Monumental 2024 Thus far, Ethereum,
despite the relatively sluggish performance compared to meme coins
like BONK or PEPE, remains the second most valuable network only
behind Bitcoin. From the candlestick arrangement in the daily
chart, the coin is within a bullish formation. The coin
rallied by nearly 60%, topping at December 2023 at around $2,400
before pulling back to spot rates. Even with the cool-off, buyers
still have the upper hand. When writing on December 12, ETH
prices found support at the dynamic reaction line, the 20-day
moving average. It is also trading above the $2,100 support line,
marking July 2023 highs. Accordingly, it means the bullish breakout
formation of early December 2023 is valid. This move could anchor
optimistic buyers targeting $3,000 and even 2021 highs of around
$5,000 in the days ahead. Network Is Upgrading: Will This Drive
Prices Even Higher In January 2024? The likelihood of trend
continuation in 2024 also stems from plans by the platform’s
developers to enhance performance and scalability. With Ethereum
2.0 on, developers have been working on layer-2 scaling options
like Arbitrum and Optimism to relieve the mainnet. However, going
forward, on-chain scaling solutions like Sharding, where the
network will be fragmented into units called “shards” that are
interconnected, will be rolled out. Related Reading: Analyst
Says Polygon (MATIC) On Brink Of Major Move, Here’s Why Echoing
Sassal’s sentiment, another commentator on the X
post noted that December and January have historically
been “monster months” for Ethereum in previous bull markets. This
suggests that even if Ethereum prices have not rallied by triple
digits like some meme coins or even outperformed Solana (SOL), the
coin could be poised for a significant price rally in the coming
months. Still, how ETH prices will evolve in the upcoming sessions
remains to be seen. As it is, $2,500 remains to be a key reaction
point that if broken could trigger more demand. Feature image from
Canva, chart from TradingView
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