Ethereum ATH: Exploring The Possibility Of Ether’s New Peaks In 2024

Christian Encila

1 year ago

3 mins read

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Ethereum (ETH), the world’s second-largest cryptocurrency, is demonstrating robust momentum as its price stages a resurgence, reclaiming levels above $2,000.

This bullish trend gains traction concurrently with significant developments in the US Securities and Exchange Commission (SEC). The regulatory authority is engaging in discussions regarding the potential approval of a spot Ethereum Exchange-Traded Fund (ETF).

This pivotal development has injected optimism into the Ethereum market, as the prospect of an ETF introduces new possibilities for mainstream adoption and investment, further fueling the current upward trajectory of Ether’s value.

Ethereum’s Ascending Triangle: Bullish Breakout Potential

Over the course of several months, the price of Ethereum has been in a consolidation trend that has resulted in the formation of an ascending triangle. Although the technical formation is bullish by nature, this is only true following a profitable breakout.

Trend lines connect the equal highs and higher lows of the ascending triangle configuration. This arrangement indicates that investors are growing more confident and buying the dips at a faster pace.

ETHUSD currently trading at $2,066 on the daily chart: TradingView.com

Interestingly, today’s charts show there are no “dips” to buy, as Ethereum broke past the vaunted $2,000 level to welcome December on a high note.

Ethereum is not only keeping up, but also rising to unprecedented heights. The price of ETH is currently up 3% at $2,100, and investors and enthusiasts are excited about the possibility of a rally to $3,000 or even higher.

Ether’s impressive success against Bitcoin, outperforming the alpha cryptocurrency by almost 5%, is a major indicator of this. Important on-chain signals imply that ETH may continue to outperform BTC this month.

Fidelity Filing Fuels Ethereum Optimism

The first indication of a bullish move was a breakout over the psychological $2,000 barrier, although there has been a lot of see-saw motion around this level. More specifically, ETH is trading between the weekly support level at $1,930 and the high for the second quarter at $2,140. This is the fourth week in a row that this has been happening.

#Ethereum Spot ETF filing by Fidelity!

Confirms my thesis that after #Bitcoin gets its shine, we’ll see Ethereum running to $3,500 in Q1 2024.

— Michaël van de Poppe (@CryptoMichNL) November 30, 2023

Crypto analyst Michael van de Poppe has voiced his optimism for Ethereum in light of the Fidelity filing. Given this submission, he affirms his conviction that after Bitcoin’s rapid increase, Ethereum is positioned to attain $3,500 throughout the initial quarter of 2024.

Source: Santiment

In a related development, research shows there has been a significant increase in Ethereum whale accumulation. On-chain data indicates that the biggest Ethereum wallets, according to Santiment, are showing a positive pattern that suggests a big change.

ETH Price Volatility Trends vs. Bitcoin. Source: IntoTheBlock

Meanwhile, Ethereum has an amazing 30-day Average Intra-Day Volatility score of 0.45%, surpassing Bitcoin’s 0.32%, a recent research by IntoTheBlock shows.

Investment strategies may need to change as a result of this change in volatility dynamics, which would highlight the Ethereum market’s dynamic prospects.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Freepik

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.