Key Hurdle Hindering Ethereum's Climb to $3500

• Ethereum (ETH) Price on the Verge of a Breakout: Road to $3500
• ETH's Performance: A Comparison With Bitcoin
• Is Ethereum Poised for a Leap Toward $3500?
• Current ETH market Status
• Ethereum's Growth: Reflecting on the Past
• RSI Indicator: A Predictor of Ethereum's Fate

Ethereum (ETH) Price on the Verge of a Breakout: Road to $3500

The prospect of Ethereum$2,315 -2.42% (ETH) breaching its previous records and achieving a $3500 price point appears more probable than ever. This year started with ETH displaying a potential for increase, a trend that has been consistent since 2024. The weekly and daily Relative Strength Index (RSI) further illustrates this bullish outlook. It is pertinent to mention that Ethereum has recorded noteworthy growth since October commenced.

ETH's Performance: A Comparison With Bitcoin

Notably, financial giant JP Morgan forecasts ETH to outperform Bitcoin$42,260 -0.64% in 2024. However, for such projections to materialize, Ethereum must conquer a forthcoming critical resistance level.

Is Ethereum Poised for a Leap Toward $3500?

As we step into the new year, the buzz within the digital asset industry is unparalleled. Bitcoin's performance has paved the way for gains throughout the sector. The potential Spot Bitcoin ETF approval in January's first week could catalyze further price increases across all digital assets. Concurrently, Ethereum (ETH) confronts a critical hurdle in its journey to the $3500 level.

Current ETH market Status

At present, Ethereum trades at $2364, marking a 1.6% increase within the last 24 hours as per CoinMarketCap data. A sizeable rally could undoubtedly be looming.

Ethereum's Growth: Reflecting on the Past

Since May 2022, Ethereum has consistently grown alongside a support trend line. This line has been validated multiple times, with the most recent validation occuring in October of the previous year. BeInCrypto points out that Ethereum has generated eight candlesticks, a bullish indicator, within just 11 weeks, with the ninth currently in creation.

RSI Indicator: A Predictor of Ethereum's Fate

If the RSI indicator remains above 50, it indicates a clear advantage for the bulls. On the other hand, an RSI below 50 denotes a potential win for the bears. Ethereum is currently facing resistance at $2,370. Overcoming this barrier could mean a 40% surge, propelling it well beyond the $3,300 mark.

Edited by Jonathan Stoker