Ethereum Price Prediction: Eth Looks to Challenge Resistance as Renowned Analyst Sees Capital Flowing From BTC to ETH

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The Ethereum price rose more than 3% over the past 24 hours to trade at $2,378.78 at press time as investors believe an altcoin season is on the horizon.

Analyst Predicts a Change in Tide for ETH

The #Ethereum ecosystem falling heavily in the anticipation of a spot Bitcoin ETF approval, while Bitcoin is attacking the highs.

Regular price action, people who are speculators hopping from one asset to the other trying to have a higher return.

This will turn.
— Michaël van de Poppe (@CryptoMichNL) January 9, 2024

Up until now, the cryptocurrency market has been solely focused on Bitcoin as the deadline for a potential Spot Bitcoin ETF (exchange-traded fund) approval looms. This has led to the market leader’s price rising steadily, while altcoins trade flat or succumb to sell pressure.

However, renowned analyst Michael van de Poppe predicts that this trend may soon change. He also believes that the Ethereum price will be the main benefactor of this upcoming change in trend. Van de Poppe assured investors that ETH’s underperformance in comparison to BTC is “regular price action.” He concluded the post by saying that retail investors who engage in speculative trading are just “hopping” from one asset to another with the aim of maximizing their returns.

The Ethereum Price Rising to Resistance

Daily chart for ETH/USDT (Source: TradingView)

The Ethereum price is currently advancing towards the $2,440 resistance level. Should it succeed in closing a daily candle above this mark, it could lay the groundwork for a potential rise to $2,685 in the upcoming days.

Conversely, if ETH faces rejection at the $2,440 resistance level or dips below the $2,295 support, this bullish narrative might be negated. In such a case, the Ethereum price could be at risk of a downward correction towards the $2,145 support level in the short term.

Technicals Suggest the Ethereum Price Will Rise More

However, technical indicators on ETH’s daily chart are leaning towards a bullish perspective. The Moving Average Convergence Divergence (MACD) has recently indicated a bullish signal. In the last 24 hours, the MACD line has risen above the MACD Signal line, suggesting a continuation of the upward trend.

Furthermore, the Relative Strength Index (RSI) demonstrates that buyers are currently dominating sellers. This is evident as the RSI maintains a positive slope above its Simple Moving Average (SMA) line.

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Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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