Will Ethereum Go Up in 2024?

As the year comes to a close, market volatility is expected to diminish during the holiday period, which could limit opportunities for active trading or long-term investment decisions.

However, Ethereum remains at a critical juncture, and at BITmarkets, we have prepared a detailed outlook on its price trajectory. This includes two possible scenarios that offer a balanced approach to risk and reward as we wrap up 2024.

Daily time frame analysis

ETHUSD - 1 Day Time Frame

Recent bearish trends across the cryptocurrency market have opened potential opportunities to enter at more favorable valuations. If these opportunities do not materialize before the end of the calendar year, market activity is expected to resume following the conclusion of the holiday season.

Ethereum’s technical setup currently reveals two significant support zones below its price and one critical resistance zone above. These levels will play a decisive role in shaping its next moves.

Ethereum price target

For buyers, patience will be a key strategy. The most reliable entry point is likely to occur when the price closes above the resistance zone on the daily timeframe. This confirmation would mark the end of the bearish trend and signal the resurgence of bullish momentum, making it a favorable moment to initiate buy positions.

For sellers, the outlook requires more caution. The first sign of additional downside risk would be a close below the higher support zone on the daily timeframe. If this happens, the price could decline further toward the lower support zone.

However, confirmation of a sustained bearish trend would only occur if the price closes below the lower support zone. Until then, the current decline may still be part of a temporary correction within a broader bullish framework.

While the holiday season may suppress volatility temporarily, Ethereum’s price remains at crucial technical levels that could dictate its direction as we move into 2025. Careful monitoring of resistance and support zones will allow traders and investors to position themselves strategically for the next major move.

Whether Ethereum breaks upward or downward, maintaining disciplined risk management will be essential for navigating this unique trading environment effectively.