Ethereum Price Prediction as Bulls Push ETH Toward $3,000 Level – Time to Buy?
The Ethereum price has dipped by 0.5% in the past 24 hours, sliding to $2,895 as the wider crypto market suffers a similar pullback today.
Today’s slip allows ETH to cool off a little as it pushes towards $3,000, with the market’s biggest altcoin sitting on a 9% gain in a week and a 24% gain in a fortnight.
Such momentum is likely to return in the coming weeks, particularly as the market becomes more bullish in the approach to April’s Bitcoin halving.
And with Ethereum continuing to dominate the crypto ecosystem in terms of usage and transactions, ETH can only rise higher in the medium- and long-term.
ETH’s indicators are really hot at the moment, with the implication being that the altcoin may have to endure a brief correction before rising again.
Its relative strength index (purple) has risen to 80 in the past few days, and while it’s sticking to the same level for now, logic dictates that it needs to come down soon.
Its 30-day average (yellow) is also entering overbought territory, having begun rising steeply over a week ago now.
It has been well above the 200-day average (blue) since mid-November, something which again would suggest that the Ethereum price may have to take a haircut in the shorter term.
However, given that 2022 and much of 2023 were very bearish, ETH can more than afford to rise substantially across 2024 as a whole.
Not only have rising Bitcoin ETF volumes buoyed ETH along with the rest of the market, but recent news of applications to launch spot-based Ethereum ETFs is also likely to boost the coin’s price.
Franklin Templeton just joined the spot #Ethereum ETF race. pic.twitter.com/zJvk9seXe3
— James Seyffart (@JSeyff) February 12, 2024
Assuming that spot ETH exchange-traded funds receive approval and launch,
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