Ethereum

Momentum

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<img width="1200" height="630" src="https://coingape.com/wp-content/uploads/2024/01/Ethereum-Price-Prediction-e1705311403951.png" class="attachment-full size-full wp-post-image" alt="Ethereum Price Prediction" decoding="async" style="float:right; margin:0 0 10px 10px;">
Ethereum price prediction: ETH has recently outperformed Bitcoin, marking a significant 14% increase within a fortnight. The <a href="https://coingape.com/glossary/cryptocurrency/">cryptocurrency</a> recently surpassed the $2,500 mark, a first since May 2022. This breakthrough, fueled by robust fundamentals and growing optimistic market sentiment, sets the stage for Ethereum’s potential climb to the $3,400 level. 
<h2 id="span-style-font-weight-400-ethereum-s-bullish-trajectory-and-market-optimism-span">Ethereum’s Bullish Trajectory and Market Optimism</h2> 
After reaching a multi-week high near $2,716, <a href="https://coingape.com/markets/ethereum-price-prediction-levels-to-focus-if-eth-enters-correction/">Ethereum price </a>experienced a slight correction, dipping below $2,600 and $2,550. Despite this, the overall momentum remains bullish. Last week’s <a href="https://coingape.com/blackrock-spot-bitcoin-etf-ibit-soars-25-in-pre-market-hours/">ETF</a> approval contributed to a surge in Ethereum’s price, maintaining it above the $2,500 threshold. This upward trend presents a promising outlook for Ethereum’s near-term price increase. 
<figure id="attachment_174123" aria-describedby="caption-attachment-174123" style="width: 100%" class="wp-caption aligncenter">
 <figcaption id="caption-attachment-174123" class="wp-caption-text">
 Source: <a rel="nofollow" href="https://www.tradingview.com/chart/PpwAwjR5/?symbol=COINBASE%3AETHUSD">Tradingview</a>
 </figcaption>
</figure> 
<a href="https://coingape.com/price/ethereum/">Ethereum price </a>is currently hovering around $2,514, showcasing an impressive gain of over 64% in the past year and a 10% increase in the last month. Despite a minor 1% decrease in the past day, this significant growth suggests a predominantly positive sentiment towards Ethereum. It positions the cryptocurrency as a viable option for both long and short-term investment strategies. 
<h2 id="strong-ethereum-technical-analysis-and-price-movements-strong">Ethereum Technical Analysis and Price Movements</h2> 
A cryptocurrency analyst, Ali, recently highlighted Ethereum’s breakout from an ascending triangle on the weekly chart. Despite short-term market fluctuations, Ethereum’s price aims for the $3,400 target. Ali predicts a potential bullish run in the upcoming days. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Remember that <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> broke out from an ascending triangle on the weekly chart. Despite the short-term volatility, <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> continues to target $3,400! <a href="https://t.co/kQ2ncLuFjL">pic.twitter.com/kQ2ncLuFjL</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1746580316993548597?ref_src=twsrc%5Etfw">January 14, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The next major resistance level for <a rel="nofollow" href="https://coinmarketcap.com/currencies/ethereum/">Ethereum</a> lies near $2,600. A decisive move above this level could propel Ethereum towards the $3,000 mark and potentially even higher towards the $3,400 zone. Conversely, failure to surpass the $2,500 resistance might lead to a downward trend. The initial support level is around $2,440, with further declines potentially testing the $2,300 support. 
The daily Moving Average Convergence Divergence (MACD) indicates bullish momentum, with a positive crossover observed on the daily chart. The Relative Strength Index (RSI) has risen above 50, entering a neutral zone. This suggests a strong buying interest but hints at the possibility of a short-term correction. Additionally, the 20-EMA currently stands above the 50-EMA, indicating ongoing bullish pressure. 
<figure id="attachment_174125" aria-describedby="caption-attachment-174125" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-174125" src="https://coingape.com/wp-content/uploads/2024/01/ETHUSD_2024-01-15_12-39-00.png" alt="ETH" width="1154" height="751" srcset="https://coingape.com/wp-content/uploads/2024/01/ETHUSD_2024-01-15_12-39-00.png 1154w, https://coingape.com/wp-content/uploads/2024/01/ETHUSD_2024-01-15_12-39-00-300x195.png 300w, https://coingape.com/wp-content/uploads/2024/01/ETHUSD_2024-01-15_12-39-00-768x500.png 768w, https://coingape.com/wp-content/uploads/2024/01/ETHUSD_2024-01-15_12-39-00-150x98.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-174125" class="wp-caption-text">
 ETH/USD daily price chart, Source: <a rel="nofollow" href="https://www.tradingview.com/x/XtodVY75/">Tradingview</a>
 </figcaption>
</figure> 
The Awesome Indicator highlights a bullish trend, overcoming a slight dip as the latest up-candle engulfs the prior down-candle. This suggests strong upward momentum. Additionally, the Chaikin Money Flow Indicator, at 0.06, confirms a positive market sentiment, indicating a flow of capital into the market, a sign of investor confidence. 
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The post <a href="https://coingape.com/markets/ethereum-price-prediction-will-triangle-momentum-propel-eth-to-3400/">Ethereum Price Prediction: Will Ascending Triangle Momentum Propel ETH to $3,400?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Price Prediction: Will Ascending Triangle Momentum Propel ETH to $3,400?

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