As 2024 begins on a bullish note, crypto analyst Ali hints at upcoming key price targets for Ethereum based on the “MVRV Pricing Bands” indicator.
As 2024 begins on a bullish note, crypto analyst Ali hints at upcoming key price targets for Ethereum based on the “MVRV Pricing Bands” indicator.
According to Ali, the next key price targets for $ETH are $3,830 and $5,100, based on MVRV price bands. At current Ethereum prices, these targets represent increases of 58% and 110%, respectively.
in a cheep On the first day of the year, Ali hinted that Ethereum could be poised for further gains. The reason he cited is that Ethereum faces no major barriers ahead.
Ali noted that the path forward for ETH appears clear, with no significant supply barriers in sight. This could suggest a potential rise to $2,700 or higher, he added. On the other hand, a strong demand wall at $2,000 provides constant support, which could cushion any correction.
At the time of writing, ETH had risen 6% in the previous 24 hours to $2,425, paralleling Bitcoin’s rise beyond $45,000.
Bitcoin surpassed $45,000 for the first time in almost two years as investors awaited approval of an exchange-traded fund that would invest directly in the largest cryptocurrency.
The fear of certain US and European traders of being left out in the run-up to approval may have sparked bullish bets in favor of cryptoassets like Ethereum.
Whats Next?
Going forward, on the way to the aforementioned targets of $3,830 and $5,100, Ethereum price may take some key intermediate steps. The initial goal would be to reach the $3,000 price level.
On the upside, a break and close above the December 28 high of $2,448 may indicate that the bulls have not given up. If this is achieved, buyers will try to push the price above $2,700 once again, starting a new uptrend towards $3,000.
On the other hand, if the bears return, Ethereum could find strong support at the daily MA 50 at $2,185. If the declines continue, the low of $2,148 may be reached.