Ethereum Price Prediction For 2024 – Could ETH Hit $4200 This Year?

Ethereum's price prediction for 2024 could be on the horizon. ETH began showing some strength after November when it underperformed within the region of $2,400 to $2,700 due to Bitcoin's high dominance in previous months.

Key Takeaways

Ethereum’s price prediction for 2024 is being eyed by many as ETH begins showing strength after November when it underperformed within the region of $2,400 to $2,700 due to Bitcoin’s high dominance in previous months.

With Bitcoin’s dominance looking set to take a nosedive, Ethereum has begun showing strength. Analysts and investors are eyeing an Ethereum price prediction for 2024, with its price looking more realistic to hit $4,200 before the end of the year.

Let us discuss the technical analysis and indicators that point to an Ethereum price prediction for 2024 hitting $4,200, which could be true based on the historical price.

Ethereum Price Prediction For 2024 – Daily Timeframe

Source – ETH Daily Price Chart from TradingView

The price of Ethereum (ETH) early 2024 hit a milestone of $4,860, but ETH bulls were unable to maintain its price momentum as the price of ETH dropped from that high to a region of $2,100 where it found support to build its price on the daily timeframe.

Ethereum bulls defended this region of $2,100 as the price of ETH flipped its bearish trend to bullish price action. After ranging for some 94 days, the price of Ethereum found some price push to break out of its range movement forming a new trend as price eyes the nearest high of $4,200 on the daily timeframe.

Ethereum price prediction for 2024 looks more achievable as the price of ETH currently trades around $3,800 as at the point of writing this article. If the price of ETH breaks above $4,200, we could see new all-time high in sight and price could aim at highlighting milestone price targets in the coming months.

Key Daily Resistance – $4,200

Key Daily Support – $3,500 and $3,300

Ethereum Price Analysis On The 4HR Timeframe

Source – Ethereum 4HR Price Chart From TradingView

Ethereum’s price prediction on the 4-hour timeframe looks strong. The price respects its uptrend line support, with key support from around $3,600 to $3,500.

The price of ETH trading above its 50-day and 200-day EMAs (Exponential Moving Averages) on the 4HR timeframe is enough evidence that Ethereum would maintain its bullish price action to a high of $4,200.

Key 4HR Support – $3,600-$3,500

Key 4HR Resistance – $4,200

Ethereum price action looks good on a lower and higher timeframe which with other technical indicators suggest ETH could rally high to $4,200 before end of year 2024.