With the majority of assets in the cryptocurrency sector pausing the gains they accumulated in the past weeks, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is no exception, having dropped below the previous price level of above $2,300.
Indeed, according to the renowned crypto trading expert Michaël van de Poppe, Ethereum “has a big gap to gain in order to be at the same level as Bitcoin (BTC),” and he expects some consolidation before it would continue towards the area between $3,000 and $3,500.
In his words, this bullish continuation, following the consolidation currently at work, could occur sometime during the first three months of 2024, as van de Poppe explained using a chart pattern analysis in an X post he published on January 3.
At the same time, it is worth noting that the investment banking, securities and investment management giant Goldman Sachs (NYSE: GS) expects that the possible approval of spot exchange-traded funds (ETFs) for Bitcoin and Ethereum in early 2024 could bring in more institutional investors.
Specifically, Mathew McDermott, head of digital assets at Goldman Sachs, told Fox Business in an interview that the approval of a Bitcoin and/or Ethereum ETF in 2024 could bring more institutional investors into the crypto market even if they are not necessarily directly investing in crypto assets:
“One, it broadens and deepens the liquidity in the market. And why does it do that? It does that because you’re actually creating institutional products that can be traded by institutions that don’t need to touch the bare asset. And I think that, to me, that opens up the universe of the pensions, insurers, etc.”
Ethereum price analysis
Meanwhile, Ethereum was at press time trading at the price of $2,218.23, recording a 7.48% drop in the last 24 hours, adding up to a decline of 2.89% across the previous seven days and a 1.72% loss accumulated on its monthly chart, as per the most recent data on January 3.
All things considered, Ethereum could, indeed, hit the projected price target of $3,500 in the first quarter of 2024, or even higher, particularly if the United States Securities and Exchange Commission (SEC) approves the first spot Ethereum exchange-traded fund in the coming weeks.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
