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Ethereum Price Prediction after Strong Recent Performance

Ethereum (ETH) may be headed toward $3,500 after a bullish week.

Ethereum finding it difficult to break the 200 daily SMA

Indicators are looking good for Ethereum to keep moving forward on the back of its current positive momentum. ETH gained 6.37% over the last week and is still gaining Monday morning.

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Over the last 30 days, Ethereum has proven bullish, gaining 37.8% and hardly slowing down at all. Even when rival Bitcoin (BTC) has slowed, Ethereum has surged ahead.

In the last 24 hours, Ethereum’s volume has increased more than 11%, and other indicators are in its favor as well. The crypto market is doing well, recovering from a rough 2022 and much of 2023. Since October of last year, the market has surged and shown indicators that it is healthy and revitalized.

We expect Ethereum to keep moving forward and gaining this week, though it might slow down in response to a weaker Bitcoin and the inexplicable shutdown of cryptocurrency exchange BitForex. That shutdown could tie up a lot of crypto funds and keep trades from going forward.

What We Predict for Ethereum

Ethereum has had a busy day so far and is up 1.23% over the last 24 hours. That is enough positive indication to let us know that Ethereum is not taking a slowing market too badly and could climb much higher in the short term. This token surpassed $3,000 on Saturday and has stayed above that level since then. Its performance this week will tell us if that is the new support level for the coin or not.

ETH is currently at $3,105 (ETH/USD). To reach $3,500, Ethereum would have to grow by just 12%. It could easily do that in the next two weeks, giving the coin a new psychologically important level that could draw more market interests. Ethereum is currently for the best performing major cryptos, and we expect it to pass $3,500 very soon.

 

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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