One technical analyst sees little room for a correction in Ethereum and sees further upside for Ethereum towards the $3,000 level.
Ethereum (ETH) could be headed higher in the short to medium term as the cryptocurrency’s largest altcoin boasts favorable token economics and seemingly secures support above key levels, according to trader Ali Charts. do.
The path ahead is clear for ETH, with no significant supply barriers in sight, suggesting a rise above $2,700 is likely. Additionally, a strong demand wall at $2,000 would provide solid support, potentially cushioning any correction.
Nearly 2 million wallets accumulated nearly 40 million ETH between the $1,900 and $2,020 price range, creating a strong barrier to a massive market selloff.
Ethereum is also scheduled for notable technology upgrades such as EIP-7514 and EIP-4844, also known as proto-danksharding, which will enable more transactions with lower gas fees. Both EIPs are included in Dencun and could be released before the end of the first quarter of 2024, as reported by crypto.news.
Subscribing to spot ETH ETFs from companies like BlackRock, Fidelity, Galaxy, Grayscale, and Invescco could also act as a catalyst for Ethereum price action. Like Bitcoin (BTC), the ETH ETF is touted to concentrate significant capital in the cryptocurrency market’s top altcoins.
Experts at JPMorgan Chase, the largest US bank, believe that Ethereum could surpass Bitcoin in the cryptocurrency and ETF markets.
Both major digital currencies have seen massive growth in 2023, posting gains of more than 90% as the broader cryptocurrency market turns bullish. BTC is up about 158%, while ETH is up 93%, per TradingView data.