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The Ethereum price remains stable at $2,300 since it faced a rejection at $2,700. People wonder if it will change soon. Right now, it’s stuck at $2,300, which is a crucial level for the coin.
This level will decide if the market goes up or down.
If Ethereum gathers more momentum and heads back to $2,700, we might see an uptrend. But if it can’t, the price might drop even more.
Meanwhile, there are some factors that might help push ETH’s price to the moon.
Two Crypto Analysts Believes ETH Will Record New High This Year
Two crypto experts talked about Ethereum’s growth, stating that the price will go up very high this year. Firstly, in a recent post, co-founder of Framework Venture, Vance Spencer, said Ethereum’s layer-2 solutions will make it hard for other blockchains to compete in 2023. Spencer believes they will all use ETH as their base currency.
Going to be hard to compete with the Ethereum onboarding funnel
– Gaming L2s (IMX, Ronin)
– Corporate L2s (Base, Worldcoin)
– Social L2s (Lens, Farcaster)
– All of the other (hundreds?) of L2s spitting out tokens to acquire users
They will all use ETH as their base currency
— Vance Spencer (@pythianism) February 4, 2024
Layer 2 refers to software built on top of Ethereum to improve speed and cost. With these upgrades, Spencer thinks Ethereum will dominate over rival blockchains. This is bullish for Ethereum’s price outlook. If other chains are built on Ethereum and use ETH, it will drive up demand.
More usage and adoption will likely lead to a higher ETH price. Spencer specifically mentioned layer-2 solutions like Ronin and Worldcoin. These let developers build on Ethereum for lower fees. As they grow, more activity will happen on Ethereum.
With its advanced layer-2 solutions, Ethereum looks positioned to leave competitors behind in 2023. This makes ETH a smart buy for investors betting on its further rise this year.
In another tweet earlier yesterday (2:50 AM February 5, 2024), a prominent analyst, DeFi Dad, shared a bullish ETH price prediction.
One of many reasons I can see ETH ripping to $20k-$25k this cycle.
ETH’s run is still ahead of us 🚀 https://t.co/9rINTgRclk
— DeFi Dad ⟠ defidad.eth (@DeFi_Dad) February 5, 2024
He told his 156,000 followers that Ethereum could surge 800% to 1000% in the next bull cycle, highlighting Spencer’s post. DeFi Dad believes Ethereum’s dominance in areas like NFTs and DeFi will drive massive growth.
These expanding use cases make him very positive about Ethereum’s future price.
At the time he made the prediction, Ethereum’s price was $2,290. So, an 800-1000% increase would put Ethereum over $20,000 per coin. DeFi Dad is well-known for his accurate calls.
If his ultra-bullish forecast is right, Ethereum holders could see life-changing gains in the next crypto boom.
Meanwhile, according to CoinMarketCap, in the last 24 hours, ETH has neither gone up or down. The coin is just stagnant, around $2,320. But in the last month, ETH has recorded a slight growth of more than 3%.
While the coin’s value is stable today, its volume has surged by over 17% in the past day.
Ethereum Price Analysis: ETH Price Primary Resistance At $2340
Ethereum is hovering around the $2,300 level currently. The coin is trading above the simple moving average (SMA) line, signaling that the current momentum is upward.
However, if Ethereum breaks below the SMA line, it would turn the sentiment negative.
There is minor support around $2,158 below the SMA. Falling under this support would confirm a bearish outlook. If the $2,158 level fails, Ethereum could drop further to $1,533, where stronger support lies.
That would be a drop of over 28%. But based on the technical analysis, this seems unlikely in the near future.
The MACD indicator provides clues about momentum. It is slightly above the signal line, which is positive. Also, the red histogram bars are fading. This means bearish momentum is decreasing.
Overall, Ethereum looks to face resistance around $2,340 in the short term.
It needs to break above this area for additional gains. Support is at $2,158, and the SMA line should prevent a larger drop if the $2,340 resistance holds. But if Ethereum turns the $2,340 level into support, it could rally higher.
Before trading, understand that things in crypto don’t always go as planned.
Meanwhile, traders are excited about the new coins Sponge V2 (SPONGEV2). They’re wondering if Sponge V2 can ride the wave of popularity in meme coins. So, while the ETH price trajectory remains uncertain, diversifying to this emerging coin could be considerable.
Ethereum Alternative: Will Sponge V2 Price Pump Once Listed
Visit Sponge V2 Presale
SPONGE V2, coming after its first version in 2023, aims to create a game where you can earn crypto. It’s set to launch in late 2024 and will use well-known cartoon characters.
The team announced when the presale started that those holding the V1 token could exchange them for more V2 tokens by locking them in. Yesterday was the deadline for the exchange.
According to them, if you do not stake your V1 token, you won’t be able to receive the new one. A crypto analyst sees this act as a bullish move because it makes the network more secure and safe.
Further, this Sponge V2 move to the Polygon network will make transactions cheaper and faster.
It also reduces the risk of being affected by the ERC-20 smart contract hack. Newcomers can easily get Sponge V2 tokens by buying them with ETH and USDT on the sponge token.VIP website.
Crypto analysts are very bullish on the cryptocurrency Sponge V2 in 2024
Connor Kennedy and Jacob Crypto Bury both predict that Sponge V2 token could go up 100X. The new Play-to-Earn game will also attract more users as they can earn $SPONGEV2 tokens. Most of the 150 billion total token supply is for staking rewards.
This encourages holding tokens long-term. Sponge V2 already has strong community support on social media, and this is important because Memecoins like it rely on an active community. In all, analysts are very positive about Sponge V2 due to the V1’s success.
The Play-to-Earn game and staking rewards offer utility. If it stays on the ambitious roadmap, Sponge V2 could see massive growth in 2024. It aims to become the next big memecoin.
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