Ethereum (ETH) is a decentralized, open-source blockchain platform that is designed to facilitate the development of decentralized applications (dApps) and smart contracts. It uses a Ethereum Virtual Machine (EVM), a virtual machine that executes the code of smart contracts and dApps.
At the time of writing, Ethereum (ETH), a leading altcoin has surpassed the 3,100 level, showing a strong performance in the crypto market, even surpassing Bitcoin. The ETH Coin’s currently trading at $3,100, last seen in April 2022, it has captured considerable market attention, suggesting possible future growth.
The recent surge in the ETH Coin’s price is attributed to the upcoming Dencun upgrade which is designed to boost transaction speed and decrease costs on the network. Additionally, the Ethereum Coin is trading above the $3,100 level, supported by its position above the 100-hour simple moving average.
Also Read: Shiba Inu (SHIB): Now Accepted by 1,200 Merchants Across 25 Countries
What is Ethereum Coin’s Next Target
As per our technical and price analysis, we believe that the Ethereum Coin is poised for an upward trajectory. If the ETH Coin continues its bullish trend, it is expected to see initial resistance around $3,180 level, while encountering significant resistance within the range of $3,230 to $3,500.
Additionally, a breakthrough past these barriers could trigger additional bullish momentum, leading to a potential surge towards $3,700 and beyond, with a possibility of testing the $4,000 milestone.
On the other hand, if the Ethereum Coin does not surpass the resistance at $3,180, it could lead to a corrective phase. We believe that ETH Coin may take an initial support level around $3,040. Additionally, the $3,000 level is a crucial support level of the Ethereum.
How High Will ETH Go in 2024? Our Thoughts
As we found on CoinMarketCap, the Ethereum Coin is trading at $3,088.31, with a trading volume of $37.1 billion in the last 24 hours. Notebly, the price of the ETH Coin has surged by over 1.9% in the last 24 hours and 5.56% over the past week. The cryptocurrency market is showing signs of continued growth and investor interest in Ethereum remains strong.
According to our expert’s technical analysis, the maximum value of the ETH Coin can go as high as $4,508.34 with an average price level of $4,083.02 by the end of 2024. However, if the crypto market shows bearish events or negative news surrounding the Ethereum ecosystem, the minimum price of the ETH Coin may decrease to $3,827.83 by 2024.
Also Read: Ethereum (ETH) Price Prediction | Will ETH Rise?
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.