- Analyst Predicts that Ethereum could hit $2500 once it breaks its major resistance level to hit $2000.
- The asset is also said to be trading above its 100-day and 200-day moving averages, indicating a bullish signal.
Ethereum (ETH) has struggled in its weekly price growth as data indicates that the asset is down by 1.7 percent and 2.4 percent in the last seven days and 24 hours respectively to trade at $1,858.57. On top of this, Ethereum currently has a bearish market sentiment.
However, its trading volume makes up for these struggles as it hits a new height. According to data tracking website Coinmarketcap, the asset has recorded a 35 percent surge in its daily trading volume compared to the previous day. As of press time, the 24-hour trading volume had hit $9,587,525,285.
The ETH/USDT has contributed largely to the trading volume with the pair hitting over $610 million on the Binance exchange alone. On Coinbase, the pair has crossed $156 million. The considerable surge in trading volume indicates that Ethereum whales have renewed interest in the asset and could send the price to $2,000.
Analysts have observed that Ethereum is trading above its 100-day and 200-day moving averages. This means investors are willing to purchase the asset at a higher price compared to the previous weeks. The day-moving averages also show a strong bullish signal. Once the whales break into the resistance level of $1,968.66, $2000 could be easily reached. From here, Ethereum can proceed to target $2500.
Another Analyst Makes Ethereum and Bitcoin Prediction
Recently, a popular crypto-related YouTube Channel InvestAnswers predicted a bullish run for both Bitcoin and Ethereum. Speaking to the 445,000 subscribers, the anonymous host stated that the next five months would be an interesting one for Ethereum, and the same can be said of next year. To be specific, he disclosed that the next year and a half would be a “fun guaranteed” and “absolute pleasure”.
You can see a lot of call demand again at $2,500 for ETH, on the same date December 29, 2023. But cast your eyes on the put-call ratio – 0.21. That is extremely bullish. Nobody, pretty much nobody, is buying puts on Ethereum. Everybody expects it to go north at $2,000, up to $2,500 on average by Christmas. Some people have bets up there around $6,500 too.
The host also made predictions on Bitcoin using the behavior of the options market. According to data, Bitcoin’s call options demand has been higher than the put options. This indicates a bullish sign.
December 29, 2023 – and you can see here a huge amount of action at the $45,000 level… One thing I do want to cast your eye on is to put-call ratio – 0.39. So a lot more calls are being bought than puts, which is very bullish. But look at the amount of price action even there at $45,000, $44,000, $43,000, etc. I said many times before I would not be surprised if we saw $42,000 by April 2024 at the time of the halving. According to the [chart below], we could be there by Christmas – $45,000+. Again if these options actions’ players are correct…
