As 2024 kicks off on a bullish note, crypto analyst Ali hints at the next key price targets for Ethereum based on the indicator “MVRV Pricing Bands.”
According to Ali, the next key price targets for $ETH are $3,830 and $5,100, based on the MVRV pricing bands. At current Ethereum prices, these targets represent 58% and 110% increases, respectively.
In a tweet on the first day of the year, Ali hinted that Ethereum might be poised for further gains. The reason he cited is that Ethereum faces no major barriers ahead.
#Ethereum looks set for further gains!
The path ahead of $ETH is clear, with no significant supply barriers in sight, suggesting a potential rise to $2,700 or beyond. Additionally, a robust demand wall at $2,000 provides solid support, potentially cushioning any corrections. pic.twitter.com/s79YAlkS8w
— Ali (@ali_charts) January 1, 2024
Ali noted that the path ahead for ETH seems clear, with no significant supply barriers in sight. This might suggest a potential rise to $2,700 or beyond, he added. A strong demand wall at $2,000, on the other hand, provides steady support, potentially cushioning any corrections.
At the time of writing, ETH had risen 6% in the previous 24 hours to $2,425, paralleling Bitcoin’s ascent beyond $45,000.
Bitcoin topped $45,000 for the first time in nearly two years as investors awaited the approval of an exchange-traded fund that would invest directly in the largest cryptocurrency.
Fear of missing out among certain traders in the United States and Europe in the run-up to the approval may have sparked bullish bets in favor of crypto assets such as Ethereum.
What’s next?
Going forward, on the path to the aforementioned targets of $3,830 and $5,100, the Ethereum price may take some key intermediate steps. The initial goal would be to reach the $3,000 price level.
On the upside, a break and close above the Dec. 28 high of $2,448 may indicate that the bulls have not given up. If this is achieved, buyers will attempt to push the price above $2,700 once more, kicking off a new uptrend toward $3,000.
On the other hand, if bears make a comeback, Ethereum might find sturdy support at the daily MA 50 at $2,185. If the declines continue, the $2,148 low may be reached.
