Crypto Analyst Predicts Ethereum’s Upward Momentum, Anticipates 3,800 Dollars by Q1 2024

Crypto News- Michael van de Poppe, the CEO of MN Trading, remains optimistic about Ethereum’s trajectory even in the face of a potential correction to $1,900. In a recent post on X (formerly Twitter), Van de Poppe projected a bullish scenario for Ethereum, forecasting a price range of $3,400 to $3,800 by Q1 2024. Analyzing ether’s price action on the 3-day time frame, he emphasized a positive support and resistance flip at the $2,125 mark, utilizing the Fibonacci retracement indicator for his projections.

Crypto Analyst Predicts Ethereum’s Upward Momentum, Anticipates 3,800 Dollars by Q1 2024

The most recent correction on Monday saw Ethereum’s price sharply decline to $2,145, representing an 8.82% loss, as per TradingView data. However, the altcoin found robust support at this level, bouncing back and sustaining its overall upward momentum following a retest.

The identified support level holds significance on Ethereum’s daily chart, coinciding with both the trendline supporting the current upward movement and a horizontal support established after the price broke above on December 2. Users anticipate a retest of the yearly high at $2,403, with a potential breakthrough paving the way for further upside movement toward $2,500.

Van de Poppe envisions Ethereum breaking above this level in early 2024, asserting that bulls will maintain control over the market for an extended period. Consequently, he predicts Ethereum’s price surge to at least $3,400 in the first quarter of the upcoming year.