Ethereum Watch

• ETH and SOL were up by more than 90% and 917% in 2023, respectively. 
• Both tokens’ price charts and metrics looked bullish for 2024. 

2023 could be termed as a comeback era for the crypto industry, as almost all coins witnessed a resurgence in the last year. Notably, Bitcoin [BTC] rose exponentially, while altcoins like Ethereum [ETH] and Solana [SOL] showed promise as well.

A look back at 2023

CoinGecko recently posted a report that highlighted how the crypto market rose in the last year. The report mentioned that Ethereum, the king of altcoins, closed 2023 at $2,294, representing a gain of more than 90.5% in the year.

Importantly, there were no notable price changes in April after the Shanghai Upgrade was put into effect and allowed for the withdrawal of staked Ethereum. 

CoinGecko also pointed out that Solana climbed 917.3% in 2023, from $10.0 to $101.3. Average daily trading volume also spiked in 2023, averaging $827.0 million in Q1 before spiking to $2.0 billion in Q4.

Speaking of cryptos, we must also mention the performance of the king of cryptos, Bitcoin. Its price increased significantly by 155.2% in 2023. In 2023 Q4 alone, BTC rose 64.3%, from $26,918 to $42,220.

Taking into consideration the above increases, CoinGecko’s co-founder and COO, Bobby Ong, noted,

“2023 turned out to be a strong year of recovery for the crypto industry, with regulatory concerns addressed and last cycle’s excesses purged.”

An altcoins summer in 2024? 

While the year 2023 was more of a recovery, 2024 might be different as the altcoins might begin bull rallies.

Ong predicted,

“Going into 2024, the projects that have been building during the bear market have strengthened crypto’s tech stack and launched new apps, and we’re excited to see what the next developments will be.”

Therefore, to better understand what to expect from top altcoins like ETH and SOL, AMBCrypto checked their metrics. CoinMafrketCap’s data revealed that ETH was up by nearly 7% in the last seven days.

At press time, it was trading at $2,546.84 with a market capitalization of over $306 billion.

We then checked Ethereum’s liquidation levels to see at what points it might face resistance if it manages to maintain its bull rally. Towards the north, ETH must go above the $2,600 mark to begin a bull rally.

Going further, the king of altcoins might face high resistance near the $2,750 zone.

Like Ethereum, Solana’s price chart was also green. The token’s value surged by nearly 5% in the last 24 hours alone. At press time, it was trading at $101.57 with a market cap of over $43 billion. 

Realistic or not, here’s SOL market cap in BTC’s terms 

To see whether the uptrend would last, we took a look at its daily chart. SOL’s MACD displayed the possibility of a bullish crossover soon.

Both its Relative Strength Index (RSI) and Chaikin Money Flow (CMF) registered upticks, indicating that the chances of a continued price surge were high.

Source