Is Ethereum (ETH) poised to achieve a new peak in 2024? According to recent forecasts, a prominent cryptocurrency analyst has suggested a forthcoming surge in the price of this leading altcoin.
This week commenced with a notable uptick in the cryptocurrency market following a period of relative stability. Ethereum peaked at $3,502 today, settling at $3,461.36 at the time of this report, marking a 2.2% increase over the last 24 hours. Despite this recent rise, data from the IntoTheBlock platform indicates that only 10% of Ethereum investors are currently experiencing losses.
Amidst these developments, a bullish trend is emerging on Ethereum’s cryptocurrency chart. World of Charts, a respected cryptocurrency analyst, has highlighted this pattern, indicating that Ethereum could reach a new high. “Testing another resistance level with diminishing strength through subsequent tests, we anticipate a significant bullish trend towards this year’s peak upon a successful breakout,” noted the expert.
In a notable historical context, Ethereum’s highest recorded price was $4,878.26 on November 10, 2021, over two years ago. Presently, the cryptocurrency is trading approximately 28.89% lower than this peak.
The current trading price of Ethereum hovers around $3,500, with potential movements expected as anticipation builds around the possible approval of Ethereum exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC). Despite initial speculation, these ETFs are not anticipated to become operational by July 4th. The exact commencement date depends on the SEC’s finalization of regulatory filings.
Disclaimer: The views expressed in this article, including those of the author and individuals cited, are for informational purposes only and should not be construed as financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
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