Ethereum Price Prediction: As Former Goldman Sachs Exec Says Bitcoin ETF Approvals Will Ignite ETH Economy, Here Are Two Great Ways To Capitalize

BySteven Walgenbach

Updated: 04 December 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The Ethereum price jumped more than 4% over the past 24 hours to trade at $2,260 as of 8:45 am EST as investors scoop up the leading altcoin.

This positive movement by ETH could be an early confirmation of a prediction made by Macro guru and Real Vision CEO Raoul Pal. In an X thread, the former Goldman Sachs executive stated that cryptos are set for a new bull market as traditional finance firms begin to enter the digital asset space, helping boost the entire Ethereum economy.

pic.twitter.com/WrJNIZhOBn

— Raoul Pal (@RaoulGMI) December 2, 2023

Ethereum Price Looks Set To Continue Rising

Daily chart for ETH/USDT (Source: TradingView)

The Ethereum price broke above a medium-term positive price channel formed on its daily chart over the past few weeks. It may have the bullish support needed to rise to the next major resistance level if it closes today’s daily candle outside of this channel. In this scenario, the leading altcoin could attempt to flip the $2,300 resistance level into support before continuing its upward trajectory.

This bullish thesis may be invalidated if ETH closes today’s trading session within the positive price channel. In this slightly less bullish scenario, the Ethereum price could return to the immediate support level at $2,145 in the following days. Given the strong ascending price channel, this correction may be brief, and the Ethereum price may resume its climb.

ETH may drop below the $2.145 support if traders attempt to offload some of their ETH holdings while the Ethereum price rests on this key level. This may expose the cryptocurrency to the risk of correcting the subsequent mark of $1,985 in the short term.

Ethereum Price Supported By Favorable Technical Indicators

Technical indicators, however, suggested that the Ethereum price may remain on its upward trajectory for the coming 48 hours. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators supported a bullish outlook.

Buyers currently have the upper hand against sellers on ETH’s daily chart, as indicated by the RSI line positioned above the RSI Simple Moving Average (SMA) line. With this, the MACD line is above the MACD Signal line. This specific technical occurrence may be seen as an indication of a short-term continuation of ETH’s bullish trend.

While investors wait to see if the Ethereum price will continue to rise, two promising projects that could yield great returns are ETHETF Token and Bitcoin Minetrix.

Rewarding Holders On ETH ETF Developments

Crypto #ETFs lower the barrier to entry, making it easy for anyone to participate in #CryptoCurrencies.

No need to be a tech wizard! 🚀#ETHETF #Crypto #Web3 #Altcoins pic.twitter.com/DloNqbRf4a

— EthereumETF_Token (@ETHETFToken) December 4, 2023

ETHETF Token is set up to reward holders of its native token as ETH ETFs go mainstream in the United States. The project shows great promise of returning 10X returns for investors, given that BlackRock, one of the leading asset managers, has filed for a spot ETH ETF.

Offering Investors a Way to Earn Passive Income Through BTC

Bitcoin Minetrix is an innovative cloud mining platform that lowers the barrier to entry for anyone looking to get started with BTC cloud mining. By simply purchasing and staking the project’s native token, BTCMTX, investors can start earning a passive income paid in BTC.

Investors Are Rushing In To Participate In This Presale

@X co-founder Jack Dorsey supports a new $BTC pool for miner control.

How do you envision the impact of @ocean_mining on Bitcoin's journey toward decentralization amidst the upcoming halving event in 2024?#BTCMTX also triumphs with another milestone, passing $4,600,000! 🏆 pic.twitter.com/46uLFV2QPL

— Bitcoinminetrix (@bitcoinminetrix) December 1, 2023

Bitcoin Minetrix has raised more than $4.6 million in its presale. Investors are scrambling to build their BTC passive income through the project’s cloud mining ecosystem.

With spot Bitcoin ETFs expected to receive approval by January Bitcoin and BTCMTX are likely to get a big boost. Anyone looking to get in early on this extremely promising project can purchase BTCMTX here.