- Bitcoin Conference 2024 concluded in Nashville with Trump supporting digital currencies.
- Ethereum’s price recovers to $3,379 after a 4.61% increase.
- Analysts predict Ethereum could reach $4,454.21 in 2024.
The Bitcoin Conference 2024 recently concluded in Nashville, attracting numerous influential industry figures and political leaders. Former President Donald Trump, who is running for president again, addressed the attendees, reaffirming his support for digital currencies. Concurrently, the cryptocurrency market has seen Bitcoin
Over the past day, the overall cryptocurrency market capitalization has risen by 2.18%. Ethereum
Despite this, Ethereum’s 24-hour trading volume has seen a reduction of 28.55%. Looking at the broader picture for the past month, Ethereum’s value has decreased by 0.92%. However, its performance since the beginning of the year remains strong, with a 46.78% increase, although it did not exhibit significant bullish trends in July.
Conversely, the introduction of Ethereum’s spot ETH Exchange-Traded Funds (ETFs) has sparked interest among investors. This is reflected in the market’s continued buying trend, as evidenced by the Relative Strength Index (RSI) maintaining a level of 52.35, according to TradingView data.
Additionally, the cryptocurrency’s short-term 9-day Moving Average (MA) is positioned higher than its long-term 21-day MA, suggesting an ongoing upward trend. Should this positive momentum persist, the 9-day MA is likely to remain above the 21-day MA.
What is the Outlook for Ethereum’s Price in the Near Future?
After the introduction of spot ETH ETFs on July 23, it was anticipated that Ethereum’s price would increase significantly. Despite these expectations, the cryptocurrency did not demonstrate substantial growth. Ethereum has seen a price drop of 3.76% in the past week, alongside considerable fluctuations, as indicated by its Relative Volatility Index (RVI) at 65.37.
Market experts, however, foresee potential price surges for the cryptocurrency in the upcoming months. Analysts from TheNewsCrypto project an optimistic price point of $4454.21 for Ethereum in 2024. The cryptocurrency may embark on a bullish run if it can break through the current resistance level at $3,500.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
