Ethereum (ETH) price is gaining momentum after a bounce from the 2,154 support level this week. The leading smart contract asset is also gaining strength against Bitcoin as the former outperformed the latter on Thursday.
On Wednesday, it was revealed that the US SEC delayed the approval of Invesco’s spot Ethereum ETF application. However, the ETH price still closed the trading session with a 2.57% gain. The bullish momentum continued on Thursday as the price was up 0.68% till press time.
Earlier this week, the US Federal Reserve kept the rates constant for the third consecutive FOMC meeting. This caused a surge in risk assets like stocks, commodities, and cryptocurrencies. Nevertheless, most analysts are still not expecting any rate cuts in the first quarter of 2024.
The ETH/BTC pair is also looking for more upside after it rebounded from the 0.051 support last week. This suggests that the native asset of the Ethereum blockchain may soon rise to 0.055 in terms of Bitcoin.
This move may act as a catalyst for a bigger rally toward the fresh 52-week highs. However, the Bitcoin price action must also be taken into account before entering into any ETH trade.
After a breakout from the ascending wedge pattern, the ETH to USD price is looking very bullish. Additionally, the price also appears to have flipped the $2,150 level into support which might fuel the bullish continuation. However, the price still remains well below the monthly high of $2,403.
Ethereum price prediction is looking bullish on the high timeframe as well, considering its technical and fundamental aspects. After a strong rally from its October lows, a retest of the $2,550 level seems to be the most likely scenario. This is not only a major psychological level but also the 0.618 fib retracement level which is often retested after such bullish reversals.
This post was last modified on Dec 14, 2023, 15:47 GMT 15:47