Ethereum

Although Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) has been struggling to regain the psychological threshold of $2,000 despite the recent positive momentum on the wider <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a>, its outlook might not look as <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bearish</a> by the year’s turn if BlockchainCenter’s <a href="https://www.blockchaincenter.net/ethereum-rainbow-chart/" rel="noopener noreferrer nofollow">rainbow price chart</a> for <a href="https://finbold.com/guide/how-to-buy-ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> is any indicator.Specifically, some <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto traders</a> and <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investors</a> use <a href="https://finbold.com/guide/ethereum-rainbow-chart-eth-price-prediction/" rel="noopener noreferrer nofollow">Ethereum’s rainbow chart</a> to observe the historical movements of the second-largest <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> by market capitalization in relation to various moving averages (<a href="https://finbold.com/guide/moving-average/" rel="noopener noreferrer nofollow">MAs</a>) and find patterns that could help them make better <a href="https://finbold.com/topic/investing/" rel="noopener noreferrer nofollow">investment</a> decisions.As it happens, this chart suggests that <a href="https://finbold.com/guide/how-to-buy-ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> is currently still in the ‘Fire Sale’ phase, indicated by the color purple, and ranges between $0 and $2,593, below the ‘Undervalued’ blue zone between $2,593 and $3,668, as per data seen by Finbold on June 23.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/c5b70d1d22344ec0a0a56c5977d36435.png" />Ethereum rainbow price chart. Source: <a href="https://www.blockchaincenter.net/ethereum-rainbow-chart/" rel="noopener noreferrer nofollow">BlockchainCenter</a><h2 id="header-0">Projection for January 1, 2024</h2>Specifically, Ethereum has been stuck in the ‘Fire Sale’ area since early October 2022, which, judging by the previous behavior, it might get out of in a matter of weeks, as the same had happened in July 20202, when ETH moved into the ‘Undervalued’ zone after a period of eight months in the ‘Fire Sale.’Further crunching the numbers, it took Ethereum 10 months to peak at the ‘But have we *earned* it?’ level at $4,336. If the same trend occurs this time around, it would mean that the crypto asset would end up in the same zone – currently between $16,353 – $23,742, by April 2024.In other words, seven months from now, around January 1, 2024, Ethereum could be changing hands in the ‘Still cheap’ price area on the rainbow chart, which currently stands between $5,290 and $7,705, taking into consideration the exact same pattern.Before that action, Ethereum was in the ‘Fire Sale’ area only one time – in October 2015 – soaring to the ‘Go back to BTC?’ price level four months later, followed by a subsequent drop to the ‘Undervalued’ zone in January 2017, where it stuck around very shortly until moving up again and beyond the ‘Maximum Bubble Territory.’Should this pattern repeat itself instead, it would mean that Ethereum could skyrocket to the ‘Go back to BTC?’ area in October 2023, at the price between $23,742 and $34,283, before dropping to the ‘Undervalued’ zone at $2,593 and $3,668 once again in January 2024.<h2 id="header-1">Ethereum price analysis</h2>Meanwhile, Ethereum was at press time changing hands at the price of $1,872.40, recording a decline of 1.31% on the day but still an increase of 12.48% across the previous week and a 3.21% gain on its monthly chart, as per the latest data.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/544112e7159d4da49c053ab8e182812b.png" />Ethereum 30-day price chart. Source: <a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">Finbold</a>All things considered, whether Ethereum moves in either of the two rainbow <a href="https://finbold.com/guide/chart-patterns/" rel="noopener noreferrer nofollow">chart patterns</a> will depend on further developments surrounding the <a href="https://finbold.com/topic/ethereum/" rel="noopener noreferrer nofollow">Ethereum network</a>, as well as the overall sentiment on the general <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> and macroeconomic landscape.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Ethereum Rainbow chart sets ETH price for Jan 1, 2024

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