New analysis showed that the trading price of the Ethereum (ETH) coin is confident of showing a major rally at the start of the new year.
As we all know very well, today is January 1st and this month usually brings a rally in the trading price of most of the major crypto assets, as per previous trading price charts and patterns.
The crypto sector has already entered the bull phase in the fourth quarter of 2023 and now we are in the second phase of this bull run and probably this phase will remain active for another three months, i.e. in the first quarter of 2024 .
The current trading price of the Ethereum (ETH) coin is $2,282 and this trading price is only 0.1% higher than the trading price of the last 24 hours.
Current sentiments and analysis show that ETH is in a better position to see some big rallies in the coming days and weeks.
There is also a major bearish trendline forming with resistance around $2,300 on the hourly chart of ETH/USD.
If ETH crosses the $2,300 resistance level, it will definitely rise, but if it fails, it will definitely be very bad for the ETH investors as it could lead to a drop in the trading price of this second-ranked cryptocurrency to $2,200.
According to expert analysis, the trading price cannot easily fall below $2,200 as it is a very large support level and normal negative market sentiments cannot easily break this support.
The predictions of some crypto analysts predicted that the trading price of Ethereum will increase by almost 25% in the next 30 days and that 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.
Vitalik confirmed that the updated roadmap addresses the situational demand to introduce new changes to Ethereum.
Earlier this week, Vitalik proposed the idea of using a new design for the Ethereum Proof-of-stake (PoS) network, to reduce network load and make the ETH staking system decentralized.
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