Ethereum (ETH) price could explode in Jan 2024 If It holds this support

New analysis showed that the trade price of the Ethereum (ETH) coin is confident to show a big rally, as the new year started.

As all of us know very well today is 1st Jan and this month usually brings a rally in the trade price of the majority of the flagship crypto assets, past trade price graphs & patterns show. 

The crypto sector already entered the bull phase in Q4 2023 and now we are in the second phase of this bull run and probably this phase will remain active for up to 3 months i.e. Q1 2024. 

The current trade price of the Ethereum (ETH) coin is $2,282 & this trade price is only 0.1% higher than the last 24 hours’ trade price. 

The current sentiments & analysis showed that ETH is standing in a better position to show some big rallies in the upcoming days & weeks.

There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD.

If ETH crosses the $2,300 resistance level then it will surely go up but if it fails then surely it will be very bad for the ETH Investors because it could lead to a downfall in the trade price of this second-ranked cryptocurrency to $2,200. 

According to experts’ analysis, the trade price can’t fall below $2,200 easily because it is a very big support level and normal negative market sentiments cannot break this support easily.

The predictions by some crypto analysts predicted that the trade price of Ethereum will surge nearly 25% in the next 30 days and the pump will be significant in the last two weeks of this month.

Updated Ethereum Roadmap

Recently Ethereum co-founder Vitalik Buterin shared the updated Ethereum development roadmap.

VDFs have been shrunk to reflect a temporary reduced emphasis, due to cryptographic weaknesses in existing constructions:https://t.co/XUfEf9Zlii

Deep crypto (eg. obfuscation) and delay-encrypted mempools have been added to reflect growing research interest in these topics. pic.twitter.com/7cMurJVUfp

— vitalik.eth (@VitalikButerin) December 30, 2023

Vitalik confirmed that the updated roadmap is focussed on the situational demand to introduce new changes in Ethereum.

Earlier this week, Vitalik proposed the idea to use a new design for the Ethereum Proof-of-stake (PoS) network, in order to reduce the network load & make the ETH staking system decentralized.

Read also: Crypto law expert asks why US Senator Warren is silent in FTX crypto fraud case