Ethereum Surges and Sets the Stage for 2024
If you take a look at the recent surge of Ethereum (ETH), you would notice that it has reached $2,446 with a market cap of $291 billion. This surge of 9.9% has synchronized with an increase in implied volatilities (IVs). The 30-day volatility (DVOL) has surged by 70% since April, marking a substantial breakout for Ethereum.
While Bitcoin has been dominating the crypto market surge, experts are optimistic about Ethereum’s future. The historical pattern suggests that Ethereum is expected to shine during the upcoming Bitcoin halving, triggering a good time for alternative cryptocurrencies.
However, institutional traders are yet to participate in this rally, indicating a restrained approach among these key market players.
Technical Patterns Drive ETH Surge
The recent increase in Ethereum’s price up to $2,433 has broken a crucial barrier set at $2,334, linked to an inverse head and shoulders formation. This pattern indicates a change in direction, suggesting potential growth to $2,551, showing a 9.3% increase. Ethereum has already breached the neckline on the 8-hour chart, signaling more room for growth.
With Ethereum currently trading at $2,404, there’s a possibility of a 5% rise before reaching the target price, with a potential surge to $3,000.
Hot Take: Ethereum’s Bullish Momentum and Future Growth
Ethereum’s recent surge and technical patterns indicate a promising future, despite the absence of institutional FOMO. The historical pattern and potential for further growth suggest that Ethereum is setting the stage for significant development in 2024.
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