The price of Ethereum (ETH) could be well on its way to a breakout, facing off against one ikey obstacle on its ascension to $3500. Since the start of 2024, ETH has been on its way to an increase. Moreover, its weekly and daily Relative Strength Index (RSI) has shown bullish signs.
Altogether Ethereum has seen notable increases since the start of October. JP Morgan has even projected it to perform better throughout 2024 than Bitcoin. Yet, for projections like this to come true, the asset will have to win its upcoming face-off at a critical resistance level.
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Ethereum Set to Propel Toward $3500
Heading into the new year, excitement within the digital asset sector is at an all-time high. The performance of Bitcoin has led the way to gains mostly across the board. Subsequently, a potential Spot Bitcoin ETF approval in the first week of January could push all assets even higher in price.
Alongside that, Ethereum (ETH) is set to face one crucial obstacle on its way toward the $3500 mark. Currently, the asset is trading at $2364 and is up more than 1.6% over the last 24 hours, according to CoinMarketCap. However, a massive rally could very well be in the cards.
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Since May of 2022, Ethereum has seen growth alongside a support trend line. Moreover, that line has been validated a host of times since, with the most recent occurrence happening in October of last year. Additionally, BeInCrypto noted that the asset has produced eight candlesticks- a bullish indicator- in just 11 weeks. Currently, it is creating ninth.
Ultimately, if the RSI indicator remains above the 50 mark, then the bulls have certainly provided an advantage. Conversely, anything below 50 would show a clear victory for bears. The asset is facing resistance at $2,370, which could lead to a 40% increase that propels it well ahead of the $3,300 mark.