In this (ETH) price forecast 2024, 2025-2030, we will analyze the price patterns of ETH using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
Ethereum (ETH) Current Market Status
What is Ethereum (ETH)
Ethereum (ETH), known as Ether, is the native cryptocurrency of Ethereum. Ethereum is an open source blockchain platform that revolutionized the blockchain and DeFi sector by introducing smart contracts. This second generation blockchain was launched in 2015. Its native crypto-coin, ether (ETH) was launched in August 2014 through an initial coin offering (ICO). The entire Ethereum network is fueled by Ether (ETH).
The blueprint of the Ethereum network was first released in its white paper in 2013 by Ethereum co-founder Vitalik Buterin. Since its launch, the blockchain-based software platform has functioned as a potential launch pad for various other crypto tokens, DeFi protocols, and numerous decentralized applications (dApps). Ethereum is therefore considered the “world computer”.
The smart contracts are coded programs that execute autonomously with predefined conditions on Ethereum. These smart contracts are deployed and executed via the Ethereum Vending Machine (EVM).
Ethereum will transition to the Proof-of-Stake (PoS) consensus through The Merge upgrade. Initially, the Ethereum network was built on the high energy-intensive proof-of-work (PoW) since its launch. Starting in 2020, the Ethereum developers started preparing for the PoW to PoS transition. The Merge upgrade is set for September 15th. After this transition, the Ether (ETH) which was an inflationary token will transform into a deflationary token.
Ethereum 24H Technical
(Source: TradingView)
Ethereum (ETH) Price Prediction 2024
Ethereum (ETH) ranks 2nd on CoinMarketCap in terms of its market capitalization. The overview of the Ethereum price forecast for 2024 is explained below with a daily time frame.
ETH/USDT ascending channel pattern (Source: TradingView)
In the above chart, Ethereum (ETH) has outlined an ascending channel pattern. An ascending channel is the price action between upward sloping parallel lines. Higher highs and higher lows characterize this price pattern. An ascending channel is used to show an upward trend in a security’s price. Ascending channels are short-term bullish in that a stock moves higher within an ascending channel, but these patterns often form within longer-term downtrends as continuation patterns.
At the time of analysis, the price of Ethereum (ETH) was recorded at $3,770.93. If the pattern trend continues, the price of ETH may reach the resistance levels of $3734.35 and $6167.80. If the trend reverses, the price of ETH may fall to the support of $2271.93 and $1540.71.
Ethereum (ETH) Resistance and Support Levels
The chart below gives the possible resistance and support levels of Ethereum (ETH) in 2024.
ETH/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as resistance and support levels of Ethereum (ETH) for 2024.
ETH Resistance and Support Levels
Ethereum (ETH) Price Prediction 2024 – RVOL, MA and RSI
The technical analysis indicators such as relative volume (RVOL), moving average (MA) and relative strength index (RSI) of (ETH) are shown in the chart below.
ETH/USDT RVOL, MA, RSI (Source: TradingView)
From the readings on the chart above, we can draw the following conclusions about the current Ethereum (ETH) market in 2024.
Ethereum (ETH) Price Prediction 2024 – ADX, RVI
In the chart below, we analyze the strength and volatility of Ethereum (ETH) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
ETH/USDT ADX, RVI (Source: TradingView)
From the readings on the chart above, we can draw the following conclusions about the price momentum of Ethereum (ETH).
Comparison of ETH with BTC
Now let’s compare the price movements of Ethereum (ETH) with those of Bitcoin (BTC), and Ethereum (ETH).
BTC vs ETH Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of ETH is similar to that of BTC. That is, when the price of BTC rises or falls, the price of ETH also rises or falls respectively.
Ethereum (ETH) Price Prediction 2025, 2026 – 2030
Using the above technical analysis indicators and trend patterns, let’s forecast the price of Ethereum (ETH) between 2025, 2026, 2027, 2028, 2029 and 2030.
Closure
If Ethereum (ETH) establishes itself as a good investment in 2024, this year will be favorable for the cryptocurrency. Finally, the bullish Ethereum (ETH) price forecast for 2024 is $5835.81. In comparison, if unfavorable sentiment is triggered, the bearish Ethereum (ETH) price forecast for 2024 is $2721.19.
If the market momentum and investor sentiment rises positively, Ethereum (ETH) could reach $6,000. Furthermore, with future upgrades and advancements in the Ethereum ecosystem, ETH may surpass its current high (ATH) of $4891.70. and marks his new ATH.
This content was originally published by our partners at The News Crypto.
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