Ethereum Price Prediction: As Bitcoin stays strong above $52,000, other cryptocurrencies are bouncing back in February 2024. During this upward trend, the price of Ethereum has reached its highest point in the past year.
After rebounding from the 200-day Simple Moving Average, Ethereum is climbing through different Fibonacci retracement levels. Also, with the current bullish market trend, investors are wondering if Ethereum will reach a new all-time high in 2024.
Weekly Breakout Hints At A 35% Jump
In the weekly charts, Ethereum, the largest alternative cryptocurrency, has been doing well in 2024. Its market value is $351 billion. There’s a positive trend in the price of Ethereum, as it has risen above $2900, showing strong momentum.
Additionally, a 42% increase in trading activity, reaching $25 billion, suggests a rise in buying interest. Ethereum also experienced a significant 14.89% increase last week and a total surge of 29% over the past three weeks.
The price of Ethereum (ETH) went up by 1.41% this Monday, continuing its upward trend. It’s currently trading at $2,921 and is on track to reach the $3,000 mark.
Can ETH Price Trend Bring A New All-time High?
The ETH price going past the 50% Fibonacci level is a positive sign during its recovery. Also, when the 50-day and 200-day SMA lines cross, it strengthens the chance of prices going up.
Currently, the breakout suggests that the trend will likely continue up to $3,872, which lines up with the 78.60% Fibonacci level. If this breakout happens, the upward trend could exceed the highest price ever reached of $4,868, aiming for a bullish target of $6,835.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
