Annual Forecast for Ethereum (ETH), 2024

Ethereum price Long-term Analysis: Bearish
Ethereum’s (ETH) price is in a downward correction as price finds support above the 50-day line moving average. Today, the largest altcoin is making an upward move. In retrospect, in its initial launching, Ethereum attained a peak price of $1,424 in January 2018. After attaining a peak price, the uptrend was terminated as the market reached an overbought region. Ether declined to $100 support and resumed a fresh uptrend. In January 2021, the overhead resistance at $1,424 was breached as the altcoin reached a new high of $4,864. Today, the market is declining because the bulls failed to break above the $4,400 overhead resistance. The overhead resistance is the historical price level of May 10, 2021. Ethereum has retraced and found support above $3000 support.

ETH Technical Indicators Reading
On the weekly chart, Ether is below the 20% range of the daily stochastic. The altcoin has reached the oversold region of the market. It implies that the selling pressure is likely to end. Buyers have already emerged to push the altcoin to the previous highs. Nevertheless, on the monthly chart, Ethereum is at level 63 of the Relative Strength Index for period 14. The altcoin is in the bullish trend zone and capable of a further upward move.

Ethereum (ETH) Medium-term Trend: Bullish
On the monthly chart, Ethereum is in an uptrend as the price bars are above the moving averages. Meanwhile, on November 1 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that Ether will rise to level 1.618 Fibonacci extension or $7,844.60.

What Is the Next Move for Ethereum (ETH)?
Ethereum has begun the resumption of an upward move after finding support above the 50-day line moving average. The largest altcoin has recovered above the $3,000 support. According to the Fibonacci tool analysis, this year, Ether will reach a high of $7,844.

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