Despite an impressive fourth quarter, Ethereum’s price tried and failed to rise past the resistance level around $2,340 in December, but the bulls are in good shape to push higher in the near term. Amidst the ongoing Bitcoin bullish breakout, the ETHBTC pair has a crucial support level and is poised to bounce back, thus signaling better times for Ethereum and the altcoin industry.
Ethereum (ETH), a stable blockchain network with more than $29.6 billion in Total Value Locked (TVL) and more than $67 billion in the stablecoins market cap, has capitalized significantly on the rising demand for web3 industry and digital assets across the world.
After demonstrating deep liquidity supported by the large ERC20 ecosystem and the robust NFT industry, Ethereum continued to attract more institutional investors looking to diversify their crypto portfolio away from Bitcoin (BTC).
Furthermore, the Ethereum network can be described as sound money since the implementation of the Proof-of-Stake (POS) consensus mechanism, which attracted more than 903k validators with more than 28.8 million ETH in play, through the merger event and the Sharpella upgrade.
The Ethereum network has been deflationary since the EIP-1559, with over 3.8 ETH already burned. Such developments have attracted more decentralized finance (DeFi) developers looking to leverage the Ethereum Virtual Machine (EVM). According to on-chain data, the Ethereum network has more than 77.9 million non-zero addresses, with average daily transactions amounting to about 1 million, double that of Bitcoin.
Ethereum co-founder Vitalik Buterin recently emphasized the need for the developers to work on the layer two scaling solution in an effort to ensure a sustainable adoption of the web3 industry and digital assets. Additionally, Buterin applauded the Ethereum team for staying focused on the initial roadmap that hasn’t changed course throughout 2023.
Significant progress on the surge (roll-up scale) this year, both on EIP-4844 and from the assemblies themselves. https://t.co/uEjd2VETQU is still a good page to follow.
Also, cross-rolling standards and interoperability were highlighted as an area for long-term improvements. pic.twitter.com/ixUsZEo7pi
— vitalik.eth (@VitalikButerin) December 30, 2023
Take a closer look at Ether Price Analysis
Amidst the ongoing Bitcoin price breakout fueled by the mock Bitcoin Exchange Traded Funds (ETFs) in the United States, Ethereum (ETH) price has also enjoyed a gradual bullish breakout. Notably, Ethereum price successfully retested the resistance/support level around $2,130, which was a nut shell throughout the crypto bear market.
As a result, ETH price is well positioned to continue with a bullish outlook in the near term. According to the on-chain data analysis provided by Glassnode, Ethereum’s market value to realized value (MVRV) price band shows that the next key target range for ETH price is between $3,830 and $5,100.
A similar bullish story was issued by a popular crypto analyst on the X platform alias Captain Faibik, who noted that ETH price is on the verge of a 20 percent breakout after breaking above a recent ascending triangle- formation pulled together.
$ETH Ascending Triangle Formation in the Daily Time Frame Chart.
+15-20% Bullish Rally incoming.. ✍️#Crypto #ETH #Ethereum pic.twitter.com/ga1JdSTamB
— Captain Faibik (@CryptoFaibik) January 2, 2024
ETH Market Outlook
The large-cap altcoin has experienced astronomical network growth over the past two years despite the ravages of the 2022/2023 crypto bear market. Notably, the Ethereum network has grown into a mature and stable web3 ecosystem with a market capitalization of approximately $300 billion and an average 24-hour trading volume of approximately $15 billion. After opening the new year with a bullish outlook, ETH has gained more than 6 percent over the past two days to .
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While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
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And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
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