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Ethereum price is down 0.5% in the last 24 hours to trade for $2,289 as of 1:20 a.m. EST with trading volume plunging 45%.
But Real Vision CEO and former Goldman Sachs executive Raoul Pal sees ETH having a strong 2024, when he says it will outperform Bitcoin (BTC).
For all the ETH bears… in Feb 2021, BTC first hit $44,000 (where it is today) and ETH was at $1400 (now $2250), 9 months later ETH was up 245%, BTC was up 45%…
I think ETH outperforming BTC will be a key macro trend of 2024 and our work at EXPAAM suggests it. 1/ pic.twitter.com/QGSZahhldg
— Raoul Pal (@RaoulGMI) December 21, 2023
According to Pal, the bull market price pattern that happened between Ethereum and Bitcoin in 2021 could repeat in 2024.
“For all the ETH bears, in February 2021, BTC first hit $44,000 (where it is today) and ETH was at $1,400 (now $2,250),” said Pal, adding, “Nine months later ETH was up 245%, BTC was up 45%.”
With such a sequel next year, Pal believes ETH could outperform BTC, which in his opinion would mark a key macro trend of 2024 with data from EXPAAM (Exponential Age Asset Management) accentuating the thesis.
Pal also expressed belief in the prospects of better macroeconomic conditions for risk-on assets like Ether, which could play a big role in sending Ethereum price on tear, as it happened in 2021. “It’s all about liquidity and the business cycle leading the risk curve,” he said.
Pal also delved into the Ethereum versus Solana topic, expressing expectation for SOL to outperform ETH in 2024.
No.
— Raoul Pal (@RaoulGMI) December 21, 2023
Ethereum Price Prognosis As ETH Breaks Out From A Bullish Technical Formation
Ethereum price has broken below a bullish technical formation, with ETH showing weakness as trading volume reduces. The Relative Strength Index (RSI) falling shows that momentum is dropping. If the trajectory continues, it could soon cross below the signal line, a crossover that is often interpreted as a sell signal.
Traders heeding this call could spell doom for ETH holders, as Ethereum price could extend the fall. Increased seller momentum could see ETH drop lower to lose the critical support at $2,147.
In the dire case, the slump could extrapolate for the market value of the largest altcoin by market capitalization to foray into the supply zone that now acts as a bullish breaker between $2,049 and $2,107. A break and close below the midline of this order block at $2,075 would confirm the continuation of the downtrend.
In highly extreme cases, the fall could see Ethereum price test the $1,935 support , below which the big picture bullish outlook would be invalidated.
Converse Case
On the other hand, judging from the position of the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD), the bulls still have a presence in the ETH market.
Should they increase their buying pressure, Ethereum price could foray back into the bullish technical formation, with consolidation within the ascending parallel channel promising more gains for investors.
In a highly bullish case, the gains could see Ethereum price extend, test the midline of the channel and in highly ambitious cases, flip it into support and use it as the jumping of point to test the upper boundary of the channel as it clears the range high at $2,403. Such a move would constitute a 10% climb above current levels.
Meanwhile, Bitcoin derivative BTCMTX is making waves, featuring among analysts’ top pick for massive gains with the potential to become the next 1000X crypto to invest in.
Promising Alternatives To Ethereum
BTCMTX is a worthy consideration for investors looking to diversify their portfolio. It is the ticker for the Bitcoin Minetrix ecosystem, a cloud-mining project committed to making BTC ownership a reality even for the ordinary folk.
#BitcoinMinetrix represents a tokenized cloud mining setup, allowing everyday users to engage in decentralized $BTC mining.⚒️
This platform minimizes third-party cloud mining risks, providing complete operational independence.🔒 pic.twitter.com/oBifdpkYFa
— Bitcoinminetrix (@bitcoinminetrix) December 23, 2023
Standing among the best web 3crypto projects, and featuring among analysts’ top picks for investing in decentralized future, Bitcoin Minetrix projects is in the presale stage. Thus far, sales have reached $5.949 million out of a target objective of $6.637 million.
Marking another major success for #BitcoinMinetrix!
Surpassing the $5,600,000 milestone! 🔥 pic.twitter.com/NtuEkIuHA8
— Bitcoinminetrix (@bitcoinminetrix) December 21, 2023
Investors looking to buy BTCMTX can do so in the presale, as the token is selling for just $0.0124. This price tag will increase in less than three days so move fast to join the Bitcoin Minetrix ecosystem at friendly rates this Christmas.
Merry Christmas Eve from the #BitcoinMinetrix Team! 🎅✨ pic.twitter.com/OL5IQgp5Fw
— Bitcoinminetrix (@bitcoinminetrix) December 24, 2023
Visit Bitcoin Minetrix to buy BTCMTX in the presale here.
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