Ethereum price predictions remain bullish as the ETH price stays above $2,500, despite growing market uncertainty about the near-term outlook.
The Ethereum (ETH) price hit its highest level since May 2022 last week above $2,700.
The pump was at the time driven by optimism about the approval of spot Bitcoin ETFs in the US, and amid optimism that spot Ethereum ETFs could arrive by May this year.
However, the market quickly succumbed to a “sell-the-fact” reaction.
The Bitcoin price has since retreated from multi-year highs above $49,000 to current levels near $42,000 amid rampant profit-taking.
The Ethereum price, meanwhile, was last around $2,520, down roughly 7% from last week’s highs.
Traders remain concerned that elevated profit-taking could, in the short term, continue to weigh on prices.
But the Ethereum price has been able to hold firmly above an important level of support.
That could signal near-term price strength.
Ethereum Price Holds Above Key Support – A Sign of Strength?
The $2,400-$2,450 zone is an important area of support for the Ethereum price.
And over the past four days, the bulls have continually defended this support level.
Ethereum (ETH) Price Chart / Source: TradingView
While there is no guarantee that this remains the case, it is for now a signal of near-term price strength.
Indeed, chart analysis suggests that, since breaking and holding above key long-term resistance in the $2,100-$2,150 area, the Ethereum price is on its way back to resistance in the $3,500s.
Ethereum (ETH) Price Chart / Source: TradingView
And Ethereum has plenty of bullish narratives coming up in 2024 that could help propel its price higher.
These include an upcoming network upgrade that will boost scalability, upcoming spot Ethereum ETFs and a Fed cutting cycle.
A rise in Ethereum supply deflation as network activity picks up could also help pump the price.
So could a continued rise in Ethereum staking participation, which removes Ethereum (at least temporarily) from supply.
Indeed, traders should not rule out the possibility that Ethereum hits new all-time highs this year above $5,000.
Better Crypto to Buy – Meme Kombat ($MK)
The Ethereum outlook for 2024 is looking very strong.
But investors looking to bag 100x gains might instead want to check out a high-risk/high-reward crypto investment strategy that has been growing in popularity in recent years – investing in token presales.
Cryptonews.com spends a lot of time analyzing which presales have potential, and one such project that they are big fans of is an exciting new project called Meme Kombat.
Meme Kombat blends together the world of crypto gaming and gambling with its exciting platform where users are able to bet on the outcomes of exciting battles between characters based on some of the crypto world’s most popular meme coins.
Early $MK investors can also benefit from generous staking rewards, which are currently more than 100% annually.
The project has already raised close to $7 million, despite launching just a few months ago.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Ethereum Price Prediction as ETH Stays Above $2,500 Amid Market Uncertainty – A Sign of Strength? appeared first on Cryptonews.
