Ethereum Price Forecast – Ethereum Continues to See Buyers Jump In

The Ethereum markets rallied significantly during the session on Thursday, as we continue to see a lot of buyer pressure. The entire crypto market seems to be on the precipice of a bigger move as well.

Timeline of Ethereum

In an Ask-Me-Anything (AMA) session held on Reddit, Ethereum co-founder Vitalik Buterin advocated for a 33% increase in the Ethereum gas limit to enhance network throughput. Buterin's proposal comes after nearly three years of the gas limit remaining unchanged, marking the longest period of stability in the protocol's history.

Ethereum (ETH) is currently at a crossroads that could define its trajectory in the coming weeks. Renowned crypto analyst Michaël van de Poppe has shared a notably bullish perspective, highlighting Ethereum's approach to its 2022 low as a potential springboard for a breakout.

In the cryptocurrency market, the buzz around Bitcoin ETFs (exchange-traded funds) has been monumental. Yet, when it comes to Ethereum, the second-largest crypto by market capitalization, the excitement seems muted.

In the ever-evolving landscape of the cryptocurrency market, Ethereum (ETH) finds itself at a critical juncture, with renowned crypto analyst Michaël van de Poppe predicting a potential bullish breakout. In a recent tweet, van de Poppe conveyed his insights, indicating that Ethereum was approaching the low of 2022 and was likely to absorb liquidity at that level.

Solana (CRYPTO: SOL), often touted as an ‘Ethereum (CRYPTO: ETH) killer', has seen its native token, SOL, slide by 12% over the past 24 hours, interrupting its end-of-year upswing. What Happened: Following a high of $126.30 on Dec. 25, SOL has experienced a sharp decrease of 13% within seven days.

Ethereum whales have been on a buying spree for a while now, which is an indication of their sustained support for the king of altcoins. These whale buys have particularly increased in the past few weeks.

Tron (TRX) founder Justin Sun along with an unknown crypto whale have accumulated massive amounts of Ethereum (ETH) in the last two weeks, on-chain data shows. Blockchain tracking firm Lookonchain reports that Sun and a fellow deep-pocketed entity have acquired over $182 million worth of Ethereum since December 26th.

Ethereum's price is currently finding it difficult to rally higher following weeks of aggressively bullish price action. Yet, there are still several support levels nearby that could keep the cryptocurrency from dropping lower.

Renowned crypto analyst CrediBULL Crypto has made bold predictions about Ethereum's (CRYPTO: ETH) potential price surge in 2024. In a post on X on Friday, the analyst said that Ethereum could hit five figures in the coming year, with a minimum price target of $10,000.

On Jan. 4, the decentralized finance protocol Gamma Strategies was a victim of a hacking attack which saw criminals make off with digital assets worth over $3 million. To pre-empt further attacks, Gamma Strategies said it has shut off all deposits on any of its “public-facing vaults.