In a recent tweet, Michaël van de Poppe, the founder of MN Trading, sheds light on Ethereum’s current trajectory, emphasizing its ongoing momentum.
However, he points out a significant gap that Ethereum needs to bridge to attain parity with Bitcoin. Van de Poppe anticipates a phase of consolidation before Ethereum can forge ahead, aiming for the ambitious target range of $3,000 to $3,500 in the first quarter of 2024.
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The current state of Ethereum
As of the latest data, Ethereum (ETH) has witnessed a remarkable year-to-date surge of 77.3%. Despite its upward journey, ETH is currently facing a 6% drop in value, trading at $2,219.68. The 24-hour trading range reflects a low of $2,113.93 and a high of $2,385.12, underscoring the inherent volatility in the cryptocurrency market.
Changelly analysts contribute their perspective to Ethereum’s future, projecting a potential surge to $3,000 by July 2024. However, they caution that these predictions are subject to fluctuations based on overall market conditions.
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The volatile nature of the crypto market necessitates a cautious approach, emphasizing the influence of various factors on Ethereum’s price trajectory.
So, while the ride may prove choppy in the interim, ETH’s long-term technical picture remains starkly bullish. Another wave higher appears imminent; its scale is becoming the next key question.