Crypto expert Ali provides some important price estimates for Ethereum based on the indicator “MVRV Pricing Bands,” as 2024 begins on a positive note.
Based on the MVRV pricing ranges, Ali claims that $3,830 and $5,100 are the next important price goals for $ETH. These objectives reflect growth of 58% and 110%, respectively, at the current price of Ethereum.
On the first day of the year, Ali said in a tweet that Ethereum may be ready for more increases. He mentioned Ethereum’s lack of impending big obstacles as his justification.
https://x.com/ali_charts/status/1741814848982327779?s=20
Ali pointed out that there don’t appear to be any major supply constraints in the way of ETH’s future development. According to him, this might point to a possible increase to $2,700 or higher. On the other side, a solid demand wall near $2,000 offers consistent support and may moderate any corrections.
As of this writing, ETH has increased 6% to $2,425 during the course of the previous day, following Bitcoin’s surge beyond $45,000.
As investors anticipated the approval of an exchange-traded fund that would invest directly in the largest cryptocurrency, Bitcoin hit $45,000 for the first time in over two years.
In the lead-up to the approval, some traders in the US and Europe may have placed optimistic bets on cryptocurrency assets like Ethereum out of a fear of losing out.
What’s next?
Moving forward, the price of Ethereum may make some significant intermediate moves in the direction of the previously specified objectives of $3,830 and $5,100. Achieving the $3,000 pricing point would be the first objective.
To the upside, a close and break above the $2,448 high set on December 28 may suggest that the bulls are still in it. If this is accomplished, buyers will try to drive the price above $2,700 once more, beginning a fresh rally that might take it above $3,000.
However, Ethereum may find strong support around the daily MA 50 at $2,185 if bears stage a comeback. Should the downtrend persist, the $2,148 low may be attained.
