Ethereum (ETH) price is on the rise again, continuing the altcoin’s strong performance over the past couple months.
After trading near $1,500 in mid-October, ETH now sits around $2,385, representing a gain of nearly 60% in under two months.
Analysts have turned increasingly bullish on Ethereum heading into 2024, citing improving technical and on-chain signals.
Swimming Past Resistance at $2,340
According to crypto analyst Cryptonary, Ethereum faced near-term resistance around the $2,340 level. However, ETH successfully pushed past this barrier earlier today, reaching as high as $2,385.
In his analysis, Cryptonary noted:
“Despite the nice move-up we’ve seen in the last week, ETH remains out of the main uptrend, which is usually not positive for price. ETH is now forming a pennant pattern that could bring a volatile move. The upside would be $2,340; the downside would be $2,130.”
With Ethereum now trading comfortably above $2,340, the pennant pattern appears to be breaking upward. This could signal further near-term gains ahead.
When examining the market mechanics behind Ethereum’s latest push higher, Cryptonary noted that open interest has declined from $8.47 billion to $7.82 billion. He views this as a healthy pullback, not indicating any overheating in ETH futures trading.
Additionally, he pointed out that the funding rate traders pay to maintain bullish positions has ticked higher but remains relatively subdued. This suggests some growing bias to the upside, but not yet extreme greed or euphoria. Cryptonary sees market conditions remaining fairly balanced around Ethereum in the near-term.
Support sits near $2,130. As long as ETH holds above support, the analyst expects further upside ahead.
“We see ETH potentially breaking up to $2,340 before finding that area of resistance and pulling back from there. We aren’t looking at any short-term trades, but we will DCA into the $2,130 area if price pulls back to there.”
Ethereum Outperforming Bitcoin Ahead of 2024 Halving
Another crypto analyst, Michaël van de Poppe, also
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Author: BeInCrypto Team
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