Analysts Bullish as Ethereum Explodes: Can it Hit $3,000 in 2024?

As we approach the end of 2023, Ethereum (ETH) is making headlines in the cryptocurrency world. Over the past 24 hours alone, Ethereum’s value has jumped by 9.9%, reaching $2,446. With a market cap of $291 billion, Ethereum’s momentum is hard to ignore.

Exciting developments are afoot! Read more about all these updates below.

Ethereum Sets the Stage for 2024

In a recent tweet, Greeks.Live recently pointed out that Ethereum’s rise wasn’t just about breaking the $2,400 barrier. This surge also coincided with a peak in implied volatilities (IVs), marking yearly highs. Specifically, the 30-day volatility (DVOL) has climbed by an impressive 70% since April.

Bitcoin has often been the main focus during cryptocurrency surges. However, Ethereum’s recent growth is gaining traction. While it might not be as rapid as Bitcoin’s rise, Ethereum is steadily making its mark.

Also Read: Ethereum Will Make Millionaires In 2024 – Predicts Crypto Expert Lark Davis

The Potential is Huge… But What’s Missing?

Market experts, though, have an optimistic view of Ethereum as we head into 2024. Industry expert Michael van de Poppe believes there’s a historical trend at play. He suggests that just before Bitcoin’s upcoming halving event (a time when Bitcoin mining rewards are halved), Bitcoin’s dominance typically peaks. This often leads to a favorable environment for alternative cryptocurrencies like Ethereum.

Despite the positive trends, data from Skew indicates that institutional traders haven’t fully joined the rally. The term “FOMO” (Fear of Missing Out) is often used in finance to describe the fear of missing a profitable opportunity. Currently, it seems many institutional traders are exercising caution.

A Deep Dive Into Technical Insights

Breaking down the recent price movements, Ethereum reached $2,433, surpassing a key level at $2,334. This price point is significant as it aligns with a bullish pattern known as the inverse head and shoulders. Unlike the traditional head and shoulders pattern which signals a potential drop, the inverse version suggests an upward shift. If Ethereum continues on this path, it could potentially reach $2,551, marking a growth of 9.3%.

Analyzing shorter time frames, Ethereum’s 8-hour chart supports the bullish sentiment, indicating further potential growth. Additionally, a report from Coinpedia suggests Ethereum might see another 5% increase, hinting at a potential surge towards $3,000.

Read More: SEC Postpones Ruling on Ethereum ETFs, Opens Door for Public Input

As 2024 approaches, the cryptocurrency community is keenly observing Ethereum’s trajectory.