Ethereum Price Prediction: Key Levels to Focus If $ETH Enters New Correction

Ethereum Price Prediction: The second largest cryptocurrency Ethereum(ETH) has been notably bullish this week likely attributed to the recent launch of the first spot Bitcoin ETF in the U.S market. Surprisingly, the ETH price surpassed the Bitcoin performance amid the ETF approval recording a 17.7% weekly growth. Amid this upswing, the coin buyers breached above the $2430 swing high, indicating the potential for a higher recovery. 

Is Ethereum Price Heading to $3000?

• The ETH price will continue to walk an aggressive rally until the ascending support trendline is intact.
• The rising prices may face supply pressure at $2700, followed by $3000
• The intraday trading volume in Ether is $16.8 Billion, indicating a 14% loss.

Over the past three months, the Ethereum price has exhibited a consistent upward trajectory, evidenced by an ascending trendline. Starting from a low of $1522, the price of the coin has experienced a remarkable surge of 77%, reaching a new high of $2717. 

The periodic pullbacks within this rally suggest active buyer accumulation at lower price points, a crucial characteristic of a prolonged rally. Throughout December, the ETH price movement was predominantly lateral, as the market anticipated the approval of the spot Bitcoin ETF.

As the US SEC approved BTC ETF trading on Wednesday, the ETH price jumped 10.21% to breach the overhead resistance of $2140 indicating the asset is poised for higher growth. 

Moreover, Larry Fink, the Chief Executive Officer of BlackRock, expressed support for the idea of introducing an Ethereum-based exchange-traded fund (ETF). This statement came shortly after the launch of the highly anticipated Bitcoin ETF. In a recent discussion on CNBC, Fink said, “I see value in having an Ethereum ETF,”. Later he also added, “These are just stepping stones towards tokenization and I really do believe this is where we’re going to be going”.

Following the approval of the spot Bitcoin ETF, the prospects for a Spot Ethereum ETF have significantly increased, potentially setting the stage for substantial growth in Ethereum’s value.

Key Support To Watch in Market Correction

By the press time, Ethereum (ETH) is trading at $2,565, experiencing a slight retracement to retest the previously surpassed resistance level of $2,400. Should the price sustainably remain above this newly established support, there’s potential for the ongoing recovery to extend towards targets of $2,700, followed by $3,000, and $3,281.

Conversely, in the event of a fresh correction in the ETH price, investors should pay close attention to the ascending trendline. This could present an opportunity for a strategic pullback, offering a potential entry point for those looking to capitalize on such market movements

• Bollinger Band: An uptick in the upper boundary of the Bollinger Band indicator shows the buyers dominating the asset.
• Average Directional Index: The daily ADX value of 19% indicates the last correction has managed to recover the exhausted bullish momentum.

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