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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.
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.
Tomiwabold OlajideFear 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.
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