Ethereum Gains Momentum, Breakout Could Hit $2,000 Soon
Ethereum’s (ETH) declining value by half during one year makes investors show negative sentiment. Since Bitcoin gained momentum as bullish investors approved spot ETFs, the ethereum market lost both performance and institutional support.
Ethereum remains sluggish even though other crypto assets experience market growth in 2024. The rollout of spot Bitcoin ETFs has unlocked institutional inflows for BTC, but similar ETH products have yet to generate meaningful traction. The difference between these assets now shows bigger performance differences between them.
Ethereum Bulls Watch $1,670 Level Closely
ETH loses ground compared to Bitcoin, in the assessment of successful crypto trader Daan Crypto Trades. ETH has consistently broken past its support levels during the last two weeks in its high-timeframe chart since many years.
ETH remains close to its lowest point in BTC price from two years ago by holding 0.019 BTC in value. Based on recent observations, Daan sees an important support level at 0.016 BTC, which is 20% under the current price point. Many investors still expect positive price movement.
Ted, another respected voice in the crypto space, points to a potential breakout from a downward trendline on Ethereum’s two-hour chart hinting at short-term bullish momentum. He commented:
“Global markets are gaining some strength, so expect Ethereum to hold the $1,550-$1,600 level. For now, I’m hoping for a breakout above and close above $1,670 for a rally towards $2K.”
Ethereum Faces Resistance Near $2,300 Level
Technical analyst Titan of Crypto found patterns of price increase through an ascending triangle on ETH weekly charts. When the price moves up overtime, creating separate new lows close to each other, then moves towards a fixed resistance level, it typically leads to an increase in value.
As higher lows advance toward a horizontal barrier, resistance often develops into an upward-bound price movement.
On-chain analyst Ali Martinez emphasized an exchange issue in his analysis after recognizing that 368,000 ETH moved onto exchanges this month. When trading assets move to exchange storage space, holders typically plan to sell their assets due to expectations of increased selling pressure.
ETH confronts strong market opposition when approaching the $2,300 mark despite finding its existing cycle bottom. People who bought Ethereum today spent $1,612 per coin. Their purchase value decreased by 2.7% during the past day.
