Ethereum (ETH) has kicked off the year 2024 with a burst of positive momentum, leaving enthusiasts eager to witness its potential rise in the coming months. Experts weigh in on ETH’s performance compared to its heavyweight counterpart, Bitcoin.
Michaël van de Poppe, the CEO and Founder of MN Trading has offered insights into ETH’s current standing and its outlook for the first quarter of 2024. According to van de Poppe, the cryptocurrency is exhibiting resilience and strength, but a significant gap still separates it from the towering presence of Bitcoin.
Van de Poppe suggested that Ethereum enthusiasts should brace themselves for a period of consolidation before witnessing a potential upward surge. He anticipates that ETH could progress toward the impressive price range of $3,000 to $3,500 during the first quarter of 2024.
Despite its positive momentum, van de Poppe acknowledges its uphill battle to reach parity with Bitcoin. The pioneer cryptocurrency has long held its status as the market leader, and ETH’s journey to catch up remains challenging, albeit promising.
Raoul Pal’s Bullish Forecast For Ethereum
Recently, Raoul Pal, the Co-founder and CEO of Real Vision, added his voice to the chorus of optimism surrounding Ether. Pal, a respected figure in the crypto space, bases his bullish outlook on ETH’s price trajectory on the liquidity indicator. Market analysts commonly employ this analytical tool to gauge the potential future price movements of assets.
While cautious about the inherent uncertainties in such predictions, Pal articulated a strong bullish sentiment for Ethereum. “Ethereum may have a really good first half of 2024. The target from using the liquidity indicator would be about $5,300… We should be coming to all-time highs in Ethereum in the first half of 2024,” remarked Pal. This optimistic stance aligns with the broader crypto market sentiment, hinting at a potentially prosperous year for ETH enthusiasts.
Pal also delved into the impact of Exchange-Traded Funds (ETFs) on ETH’s performance. He suggested that launching a spot Bitcoin ETF could pave the way for a similar product for Ethereum. Pal said this development could inject renewed vigor into the Ethereum ecosystem.
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