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ethereum price is down 0.5% in the last 24 hours to trade at $2,289 at 1:20 am EST and trading volume has plummeted 45%.
But Real Vision CEO and former Goldman Sachs executive Raoul Pal believes eth will have a strong 2024, when he says it will surpass bitcoin (btc).
For all the eth bears… in February 2021, btc first reached $44,000 (where it is today) and eth was at $1400 (now $2250), 9 months later, eth is up 245%, btc is up 45 %…
I believe eth outperforming btc will be a key macro trend of 2024 and our work at EXPAAM suggests as much. 1/ pic.twitter.com/QGSZahhldg
—Raoul Pal (@RaoulGMI) December 21, 2023
According to Pal, the bull market price pattern that occurred between ethereum and bitcoin in 2021 could repeat itself in 2024.
“For all you eth bears, in February 2021, btc first hit $44,000 (where it is today) and eth was at $1,400 (now $2,250),” Pal said, adding: “Nine months later, eth is up a 245%, btc up 45%.”
With such a sequel next year, Pal believes eth could outperform btc, which he believes would mark a key 2024 macro trend with data from EXPAAM (Exponential Age Asset Management) accentuating the thesis.
Pal also expressed his belief in the prospects for better macroeconomic conditions for risk assets like Ether, which could play a major role in ethereum's price crash, as happened in 2021. “It's about liquidity and the economic cycle leading the risk. curve,” she stated.
Pal also delved into the ethereum versus Solana topic, expressing the expectation that SOL will surpass eth in 2024.
No.
—Raoul Pal (@RaoulGMI) December 21, 2023
ethereum Price Forecast as eth Breaks Out of a Bullish Technical Formation
ethereum price has fallen below a bullish technical formation, and eth is showing weakness as trading volume declines. The falling Relative Strength Index (RSI) shows that momentum is falling. If the trajectory continues, it could soon cross below the signal line, a crossing that is often interpreted as a sell signal.
Traders heeding this call could spell doom for eth holders as ethereum price could extend the decline. Further seller momentum could see eth fall further and lose the critical support at $2,147.
In the severe case, the drop could extrapolate the market value of the largest altcoin by market capitalization to venture into the supply zone that now acts as a bullish switch between $2,049 and $2,107. A break and close below the midline of this order block at $2,075 would confirm the continuation of the downtrend.
In very extreme cases, the drop could cause ethereum price to test the $1,935 support, below which the overall bullish outlook would be invalidated.
Reverse case
On the other hand, judging by the position of the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD), the bulls still have a presence in the eth market.
If they increase their buying pressure, ethereum price could re-enter the bullish technical formation, with consolidation within the ascending parallel channel promising more gains for investors.
In a highly bullish case, gains could cause ethereum price to extend, test the midline of the channel, and in very ambitious cases, turn it into support and use it as a jump point to test the upper boundary of the channel as clears the maximum range of $2,403. Such a measure would constitute a 10% increase above current levels.
Meanwhile, bitcoin derivative BTCMTX is making waves and figures among Analysts' Top Pick for Massive Profits with the Potential to Become the Next 1000X Cryptocurrency to Invest In.
Promising alternatives to ethereum
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#BitcoinMinetrix represents a tokenized cloud mining setup, allowing everyday users to participate in decentralized activities $btc mining.
This platform minimizes third-party cloud mining risks, providing complete operational independence. pic.twitter.com/oBifdpkYPa
—Bitcoinminetrix (@bitcoinminetrix) December 23, 2023
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—Bitcoinminetrix (@bitcoinminetrix) December 21, 2023
Investors who want to buy BTCMTX can do so in the pre-sale, as the token is sold for only $0.0124. This price will increase in less than three days, so act fast to join the bitcoin Minetrix ecosystem at friendly prices this Christmas.
Happy Christmas Eve from #BitcoinMinetrix Equipment! pic.twitter.com/OL5IQgp5Fw
—Bitcoinminetrix (@bitcoinminetrix) December 24, 2023
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Also read:
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- Native Token on Pre-Sale Now – BTCMTX
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