Ethereum Price Prediction for 2024: Is ETH $4,200 Safe?

Key insights

• Ethereum price is above the key support zone as the price continues its uptrend and aims for the next high of $4,200.

• Ethereum is trading above its 50% Fibonacci level and retains support from its uptrend line, suggesting bulls are in control.

• Ethereum price is trading above the 50-day and 200-day EMA and trending higher.

Ethereum price prediction for 2024 could be on the horizon. ETH started to show some strength after November when it underperformed in the $2,400-$2,700 range due to Bitcoin’s high dominance in the previous months.

As Bitcoin’s dominance looks set to take a nosedive, Ethereum has begun to show strength. Analysts and investors are eyeing an Ethereum price prediction for 2024, with it looking more realistic that the price will reach $4,200 before the end of the year.

Let’s discuss the technical analysis and indicators that suggest Ethereum price will reach $4,200 in 2024, which could be true based on the historical price.

Ethereum price prediction for 2024 – daily time frame

Source – ETH daily price chart from TradingView

Ethereum (ETH) price reached a milestone of $4,860 in early 2024, but ETH bulls struggled to maintain price momentum as ETH price fell from this high to the $2,100 area where it found support around to increase its price in daily time frame.

Ethereum bulls defended this $2,100 area as ETH price reversed its downtrend into a bullish price move. After fluctuating for about 94 days, Ethereum price experienced some price push to break out of its range and form a new trend as the price aims for the next high of $4,200 on the daily time frame.

The Ethereum price prediction for 2024 seems more achievable as the price of ETH is currently around $3,800 at the time of writing. If ETH price breaks $4,200, a new all-time high could be in sight and the price could aim to highlight milestone price targets in the coming months.

Key daily resistance – $4,200
Key Daily Support – $3,500 and $3,300

Ethereum price analysis on 4-hour timeframe

Source – Ethereum 4HR price chart by TradingView

Ethereum price prediction for the 4-hour time frame looks strong. The price is respecting its uptrend line support, with a key support around $3,600 to $3,500.

ETH’s price trading above its 50-day and 200-day EMAs (exponential moving averages) on the 4-hour time frame is sufficient evidence that Ethereum is extending its bullish price action to a high of $4,200. dollars would be retained.

Essential 4HR Support – $3,600-$3,500

Key 4HR Resistance – $4,200

Ethereum price action looks good on both lower and higher time frames, which along with other technical indicators suggest that ETH could rise to $4,200 before the end of 2024.