The course of Ethereum (ETH) price, especially as it shows signs of a reversal, is being closely examined and predicted. According to analysts’ charts, Ethereum could reach the anticipated level of $2,500 by mid-January.
Like other cryptocurrency market forecasts, this prediction comes with significant caveats. A study on Ethereum’s recent performance showed strong momentum and an upward trend on the ETH/USDT chart. The Relative Strength Index (RSI) continues to remain strong and show continuous buying interest, despite pulling back from the overbought zone.
Moving averages (MA), as fundamental indicators of long-term trends, can signal the continuation of the uptrend when short-term MAs cross over the long-term ones. The gap between the 50-day and 200-day moving averages is widening, which could be a classic confirmation of a strong trend. However, if this gap continues to widen without price consolidation, it could lead to a long-term correction. Additionally, decreasing volume accompanying recent price increases can cause concern.
Mid-January 2024 stands out as a very important time for Ethereum. If the current momentum continues and the volume trend is confirmed, reaching the $2,500 level could be possible.
This forecast is based on the assumption that current support levels remain solid and buying interest continues without waning. However, investors should pay attention to warning signs such as decreasing volume. Decreasing volume in the cryptocurrency can cause some problems and may reduce future momentum, so it should be monitored as a fundamental indicator. Moreover, if the market perceives that the price has surpassed fundamental levels, there could be the potential for a long-term correction.
