skip to Main Content
bitcoin
Bitcoin (BTC) $ 105,055.15 0.25%
ethereum
Ethereum (ETH) $ 3,339.58 2.16%
xrp
XRP (XRP) $ 3.11 1.04%
tether
Tether (USDT) $ 1.00 0.00%
solana
Solana (SOL) $ 258.73 1.05%
bnb
BNB (BNB) $ 681.24 1.08%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.353179 0.17%
cardano
Cardano (ADA) $ 0.978247 1.80%
staked-ether
Lido Staked Ether (STETH) $ 3,339.80 2.65%

Ethereum (ETH) Price to Reach $10,000 by the End of 2024? Analyst Weighs In

TL;DR

  • Ethereum’s price recently surpassed $3,000, with analysts predicting further significant gains.
  • Declining MVRV ratio, negative exchange netflow, and potential approval of a spot Ethereum ETF in the US could drive ETH’s value higher.

Is ETH Gearing up for an ATH?

The cryptocurrency market has experienced a significant uptrend in the past few days, with numerous digital assets rising to multi-week highs. Although not witnessing such a substantial increase, Ethereum (ETH) is also among the notable gainers.

Its price surpassed the $3,000 mark, representing a 4% increase on a daily scale. Numerous analysts believe this could be the starting point of a bull run that can take place in the near future.

The X user Michael van de Poppe is among the optimists. He claimed recently that ETH is on its way to reaching a higher timeframe support level. “The good times are there in a few weeks’ time,” he assumed.

CryptoYoddha was even more bullish, envisioning a price explosion toward the $10,000 milestone by the end of the year.

Last but not least, World of Charts argued that ETH has started breaking the “falling wedge consolidation” on a 12-hour timeframe. “Trend is already up and expecting continuation towards $4500 in coming weeks,” the analyst forecasted.

Observing Some Important Factors

One element signaling that ETH’s value could be on the verge of a rally is the Market Value to Realized Value (MVRV). It helps to identify if the asset is overvalued or undervalued. A high ratio suggests a market top, while a low one may indicate a good buying opportunity. The MVRV has been on a significant downfall since mid-March.

Another factor is ETH’s exchange netflow, which has been predominantly negative in the past month (according to CryptoQuant’s data). Shifting from centralized platforms towards self-custody methods is considered bullish since it reduces the immediate selling pressure.

Last but not least, ETH’s price may head north in case of the approval of a spot Ethereum ETF in the United States. However, such a green light may also lead to the same immediate “sell-the-news” event witnessed after the BTC ETF approvals in January.

The post Ethereum (ETH) Price to Reach $10,000 by the End of 2024? Analyst Weighs In appeared first on CryptoPotato.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top