Ethereum Technical Analysis Also Confirms Critical Support Level to Buy ETH Again, as 5.58M Addresses Hold 40M Coins at the Price
Ethereum has pulled back recently from its local highs, now trading around $2,280. However, crypto analysts Michaël van de Poppe and Ali are bullish on Ethereum regaining momentum and targeting fresh all-time highs around $3,400-3,800 in the first quarter of 2024.
Flipping Crucial Support Level
Van de Poppe notes that despite the pullback, Ethereum has made “a positive support and resistance flip at the $2,125 mark.” This means $2,125 has converted from prior resistance into a new level of support. As long as Ethereum holds above this flipped level on any further retracements, the uptrend remains intact.
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Show more +Onchain Data Reveals Strong Demand
Ali also notes a key demand zone ranging from $1,934 to $2,160 based on onchain data. An impressive 5.58 million addresses are currently holding nearly 40 million ETH in this range. Therefore, from an onchain perspective, this marks Ethereum’s most critical area of support right now.
Ideal Buying Opportunity
For traders, the current prices represent an ideal opportunity to reload Ethereum exposure and aim for new all-time highs. Both analysts are aligned on $1,900-$2,160 being an optimal zone to reaccumulate ahead of the next leg higher.
Even in the event of a deeper pullback to $1,900, van de Poppe maintains that the major uptrend remains intact. Considering the bullish onchain data and technicals, he sees Ethereum rallying over 50% from current levels to retest its previous highs around $3,400. A break above that would open up $3,800 as the next likely price target in early 2024.
So despite some recent volatility, key levels have held onchain and technically. Multiple analysts agree Ethereum looks poised to continue its macro bull run targeting at least $3,400 next, with the possibility of a more than 65% gain to $3,800 based on confluence of technical and onchain data. The current zone presents an opportune area to buy the dip before the next major Ethereum price surge.
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