Ethereum (ETH) kicked off 2024 by trading around $2,313, up 0.7% on the day. Leading crypto analyst Ali predicts further upside for ETH, citing robust support and lack of significant supply barriers ahead.
“Ethereum looks set for further gains! The path ahead of $ETH is clear, with no significant supply barriers in sight, suggesting a potential rise to $2,700 or beyond,” Ali stated in a recent tweet.
He points to the strong demand wall around $2,000 as a key support level that could cushion any potential corrections. Per Ali’s analysis, 1.74 million addresses currently hold 37.29 million Ethereum around that price zone. This significant support indicates buyers are ready to scoop up any dips around $2,000.
With no major supply walls ahead for Ethereum until the $2,700 area, Ali believes ETH could continue its upside move to retest its all-time high around $4,891 in the months ahead.
Other analysts like Moustache also have a bullish outlook for altcoins in early 2024:
“It has finally happened! BTC.D closed a monthly candle below the EMA50. The last time BTC.D touched/closed below the EMA 50 in the monthly chart, we saw very strong Altseasons shortly afterwards, which historically only happen every few years,” Moustache explained.
Moustache is referencing the Bitcoin Dominance index falling below a key moving average line, which has preceded altcoin run-ups in the past. With Ethereum representing the second-largest cryptocurrency, it could be poised to benefit from another impending Altseason.
Key market analysts predict Ethereum is gearing up for further price gains in 2024. The combination of significant support below, lack of overhead supply barriers, and a potential boost from an impending Altcoin season collectively paint a bullish picture for ETH in the year ahead.
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