<img src="https://crypto.news/app/uploads/2023/12/crypto-news-blockchain-ethereum-option01.webp” />
One technical analyst sees little room for an ethereum correction and further upside for Ether towards the $3,000 level.
ethereum (eth) may be on its way to higher prices in the short to medium term as the largest altcoin among cryptocurrencies boasts favorable tokenomics and has apparently gathered support above a key level, according to trader Ali Charts .
The path ahead for eth is clear, with no significant supply barriers in sight, suggesting a potential rise to $2,700 or higher. Additionally, a strong demand wall at $2,000 provides solid support, which could cushion any correction.
Nearly two million wallets accumulated almost 40 million eth between price ranges of $1,900 and $2,020, forming a formidable wall against massive market dumps.
ethereum is also slated for notable technology upgrades like EIP-7514 and EIP-4844, also known as proto-danksharding, which are aimed at allowing more transactions for cheaper gas fees. Both EIPs are included in Dencun and could be implemented before the end of the first quarter of 2024, as crypto.news reported.
Spot eth ETF filings from companies like BlackRock, Fidelity, Galaxy, Grayscale, and Invescco could also act as catalysts for the progress of ethereum's price movements. Like its bitcoin (btc) counterpart, eth ETFs are touted to channel considerable capital into the leading altcoin in the cryptocurrency markets.
Experts at the largest bank in the United States, JPMorgan Chase, believe that ethereum could overtake bitcoin in the cryptocurrency and ETF markets.
The two major digital currencies saw massive growth in 2023, posting gains of over 90% as the broader cryptocurrency market transitioned into bullish sentiment. While btc rose around 158%, eth gained 93% according to TradingView data.
