- Van de Poppe, in his latest post on X (formerly known as Twitter), stated that Ether will reach $3,400 to $3,800 in the first quarter of 2024.
- Applying the Fibonacci retracement indicator to the chart analysis, Van de Poppe set his target for ETH for the next year based on this indicator.
- After bouncing back from the recent support, users expect Ether to retest the yearly high of $2,403.
How high could the Ethereum price go in 2024? ETH price predictions from a renowned analyst: A new peak may be approaching!
How High Will Ethereum Rise in 2024?
According to MN Trading CEO Michael van de Poppe, the trend for Ether is upward even if it drops to $1,900. Van de Poppe, in his latest post on X (formerly known as Twitter), stated that Ether will reach $3,400 to $3,800 in the first quarter of 2024.
The crypto analyst shared an image showing the price movement of Ether on a 3-day time frame and noted that the leading altcoin made a positive support and resistance transition at the $2,125 level. Van de Poppe applied the Fibonacci retracement indicator to the chart analysis and set his target for ETH for the next year based on this indicator.
The latest correction for Ether occurred this Monday, with the altcoin’s price rapidly dropping to $2,145, reflecting an 8.82% loss according to the data. The price found support at this level, hit it for a reversal, and continued with a dominant upward movement following a retest.
Specifically, the recent support marks a significant level on the daily chart for Ether. It is an accidental convergence point of the trendline supporting the current upward movement and a horizontal support point created after the price broke above this level on December 2.
Expected retest for Ethereum
After bouncing back from the recent support, users expect Ether to retest the yearly high of $2,403 soon. Breaking above this level will lead to further upward movement, and the next resistance is around $2,500.
Van de Poppe expects the top altcoin to surpass this level in early 2024. As mentioned in his post, he anticipates that bulls will continue to control the Ether market, and therefore, he predicts that the price of Ether will reach at least $3,400 in the first quarter of next year.
