Renowned crypto analyst Michael van de Poppe has recently shared his insights on Ethereum potential trajectory, projecting an upward trend despite temporary pullbacks. His analysis points toward a significant rise in Ethereum’s value, suggesting a bullish market as we move into 2024.
According to Van de Poppe, Ethereum’s current market movements indicate an enduring upward trend. Despite potential corrections, possibly even dipping to around $1,900, Van de Poppe remains confident about Ethereum’s robustness.
Ethereum Technical Indicators: A Closer Look At The Upward Trend
Delving deeper into Ethereum’s market behavior, Van de Poppe’s analysis brings attention to ETH’s “positive support and resistance flip at the $2,125 mark.” Utilizing the Fibonacci retracement indicator, he extrapolates Ethereum’s potential rise to between $3,400 and $3,800 by the first quarter of 2024.
This projection is based on analysis of Ethereum’s price action in the 3-day timeframe, indicating strong market fundamentals supporting this growth.
#Ethereum making a positive support and resistance flip at the $2,125 mark.
Even if it corrects to $1,900, the trend remains up and the next area for resistance is found at $3,400-3,800 in Q1 2024. pic.twitter.com/F5fThIqONl
— Michaël van de Poppe (@CryptoMichNL) December 14, 2023
Meanwhile, in recent days, Ethereum has experienced a retracement, with its value descending from the $2,300 region on Sunday to a low of $2,161 yesterday. However, this pullback appears to have been short-lived. Ethereum appears to have found support at this lower boundary, subsequently reversing its descent.
This support level, identified as an order block in market terms, historically signals a potential reversal in price action. So far, Ethereum has demonstrated a resurgence, gaining 2.3% in value over the past 24 hours, reinforcing the predictions of a continued bullish rally.
With the asset currently trading at $2,276, at the time of writing, its daily trading volume has picked up from a low of $12.7 billion recorded yesterday to as high as above $20 billion as of today.
Ethereum’s Future: Beyond Van de Poppe’s Analysis
The optimistic outlook for Ethereum extends beyond Van de Poppe’s analysis. JPMorgan analysts also share a positive view of Ethereum’s future market performance. They anticipate Ethereum outperforming Bitcoin and other digital currencies by 2024.
As reported by NewsBTC, their analysis revolves around Ethereum’s upcoming EIP-4844 upgrade, also known as Protodanksharding.
This upgrade, slated for implementation in the first half of 2024, is expected to bring significant enhancements to Ethereum’s network functionality. Protodanksharding marks the initial step towards the full adoption of Danksharding, a more efficient sharding mechanism for Ethereum.
This method streamlines Ethereum’s operation by introducing data blobs linked to blocks. These blobs can hold more data than traditional blocks and are crucial in optimizing Ethereum’s performance without the complexity of dividing the network into multiple shard chains.
Featured image from Unsplash, Chart from TradingView