Even if it corrects to $1,900, ether’s trend remains up, according to Michael van de Poppe, CEO of MN Trading. In a recent post on X (formerly Twitter), Van de Poppe projected ether to reach $3,400 – $3,800 in Q1 2024.
#Ethereum making a positive support and resistance flip at the $2,125 mark.
Even if it corrects to $1,900, the trend remains up and the next area for resistance is found at $3,400-3,800 in Q1 2024. pic.twitter.com/F5fThIqONl
— Michaël van de Poppe (@CryptoMichNL) December 14, 2023
The crypto analyst shared an image of ether’s price action on the 3-day time frame, noting that the flagship altcoin is making a positive support and resistance flip at the $2,125 mark. Van de Poppe applied the Fibonacci retracement indicator on the chart analysis and used the projection from the indicator to derive his target for the ETH in the coming year.
Ether’s latest correction happened this Monday, when the altcoin’s price dropped sharply to $2,145, reflecting an 8.82% loss of value, according to data from TradingView. The price found support at that level and bounced off it to continue a dominant upward movement, following a retest.
Notably, the recent support marks a significant level on ether’s daily chart. It is a point of coincidence for the trendline supporting the current upward movement and a horizontal support that was established after the price broke above that level on December 2, following multiple retests.
ETHUSD Daily Chart on TradingView
After bouncing off the recent support, users expect ether to retest the recently established yearly high at $2,403. Breaking above that level will open the way for more upside movement, with the next resistance around $2,500.
Van de Poppe expects that level to be broken by the top altcoin in early 2024. As indicated in his post, the bulls would remain in control of the ether market for much longer. Hence, his prediction that ether’s price would climb to at least $3,400 in the first quarter of next year.
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