Ethereum Bulls Confident, ETH Resistance At $2,400
An independent Ethereum educator, Sassal, believes that the “death of ETH” narrative is losing steam and sees it as an opportunity to buy more ETH before the expected bull run. The educator is confident in Ethereum’s fundamentals and its ability to capitalize on the demand for decentralized finance (defi) and non-fungible token minting services.
Despite slower performance compared to meme coins, Ethereum remains the second most valuable network after Bitcoin. The coin is currently in a bullish formation and experienced a rally of nearly 60% before pulling back. However, buyers still have an advantage.
Network Is Upgrading: Will This Drive Prices Even Higher In January 2024?
Ethereum’s developers are working on enhancing performance and scalability with Ethereum 2.0. They are implementing layer-2 scaling options like Arbitrum and Optimism and will roll out on-chain scaling solutions like Sharding in the future. Another commentator notes that December and January have historically been strong months for Ethereum in previous bull markets.
While Ethereum’s price movement in upcoming sessions is uncertain, breaking the key resistance point of $2,500 could trigger more demand.
Hot Take: Ethereum Poised for a Significant Price Rally
Based on market sentiment and ongoing network upgrades, there is optimism for a significant price rally for Ethereum in the coming months. Despite not matching the explosive gains of meme coins or outperforming Solana, Ethereum has the potential to experience substantial growth. Keep an eye on key resistance levels as they may indicate future price movements.
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