Ethereum May Rocket to New Highs in 2024

As the price of Bitcoin continues to rise, other cryptocurrencies are showing positive momentum as well. Ethereum, in particular, presents a unique opportunity with one key difference: while Bitcoin is nearing its all-time high, Ethereum still has the potential to climb nearly 60% to reach its high for the year.

For traders seeking substantial market potential with a reasonable level of risk, this confirmed opportunity is worth considering while the price remains at current levels.

Daily time frame analysis

ETHUSD - 1 Day Time Frame

Since early October, Ethereum’s price has repeatedly tested the Fair Value Gap, which acts as a support zone on the daily time frame. This sets the stage for an initial buying opportunity.

However, to ensure a long-term, sustainable, and consistent trading strategy, we recommend waiting for confirmation before taking buy positions.

In our view, the confirmation occurs when the price closes above the final resistance level before moving toward target levels. This key resistance level is marked in orange on the attached chart.

When to buy Ethereum?

For traders who have seized this opportunity to strengthen their portfolios, it’s essential to set a stop-loss order below the internal higher low. This allows the price sufficient room for movement while protecting the trader's capital.

If the price closes below the lower resistance level on the daily time frame, it may be wise to sell off part of the position early, as the probability of success decreases.

In terms of trade objectives, it’s advisable to take partial profits whenever the price reaches buy-side liquidity over major highs.