Ethereum (ETH) Starts 2024 with a Push Higher
Ether (ETH), the native cryptocurrency of the Ethereum blockchain, is seeing a 2% increase in value on the first day of 2024. It is currently trading in the mid-$2,300s.
In the past few days, Ether has maintained its position above its 21-day moving average (21DMA), which has acted as strong support in the mid-$2,200s.
Trading volumes have been low due to the holiday season, with less than $7 billion in ETH/USD trades on Monday.
However, as traders return and key market events unfold, trading volumes are expected to pick up significantly. These events include the potential approval of spot Bitcoin ETFs, news about the Ethereum Dencun upgrade, and macroeconomic data such as the US jobs report.
Ether (ETH) Price Prediction – Next Leg Up Starting Soon?
Ether’s medium-term uptrend remains intact, with its bounce from the 21DMA further strengthening this trend.
While there are concerns about a “sell the news” event once spot Bitcoin ETFs are approved, price risks for Ether still lean towards the upside after its bounce from key support levels in December.
The next major target for Ether is the long-term resistance at around $3,500. This level hasn’t been tested since April 2022.
In 2023, Ether gained around 100%, compared to Bitcoin’s 160% gain. However, 2024 could be a year of catch-up for Ether, with a potential rally of 50% to reach $3,500 in the coming months.
The next major upward move for Ether may have already begun.
ETH Alternative – Sponge V2 ($SPONGEV2)
Sponge V2 ($SPONGEV2) is the new version of the Spongebob Squarepants-themed $SPONGE token. The original $SPONGE token reached a market cap of nearly $100 million in 2023 and delivered significant gains to early investors.
Holders of $SPONGE tokens will be able to stake their tokens to receive an equivalent amount of $SPONGEV2 tokens and earn staking rewards with a minimum APY of 40%.
The main advantage of $SPONGEV2 over $SPONGE is its integration into a new play-to-earn game, although specific details about the game have not been released yet.
There will be both a free version and a paid version of the game available.
Hot Take: Ethereum’s Promising Start to 2024
Ethereum has begun the year on a positive note, with its price pushing higher. The cryptocurrency has managed to hold above key support levels and trading volumes are expected to increase as traders return from the holiday season. As market participants monitor upcoming events like the potential approval of spot Bitcoin ETFs, news about Ethereum upgrades, and macroeconomic data, Ether’s medium-term uptrend remains intact. There is potential for Ether to catch up to Bitcoin’s gains in 2024, with a rally towards the $3,500 level in the next few months. Additionally, the launch of Sponge V2 provides an alternative opportunity for cryptocurrency enthusiasts. Overall, it seems that Ethereum has a promising start ahead in 2024.
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