Ethereum Reclaims $3000, Can ETH Hit A New Peak in 2024? (2024)
Ethereum (ETH) briefly reclaimed the $3000 mark, rallying 3% in the daily charts and 1.8% in the 14-day charts. However, ETH’s price could not hold the $3000 level, falling to around $2998. The $3000 level seems to be the immediate resistance level for the second-largest cryptocurrency by market cap. ETH is also down by 2.6% over the previous month.
The recent rally could be due to cooler inflation figures than expected. Inflation in the US increased by 0.3% in March, compared to expert expectations of 0.4%. Investor sentiment may have taken a turn for the better. Nonetheless, the Federal Reserve may continue to follow its policy of higher interest rates for longer until inflation falls to its 2% target.
Will Ethereum (ETH) hit a new high in 2024?
ETH hit an all-time high of $4878 in November 2021. However, the asset’s price has fallen by 38.5% since its 2021 peak.
According to Changelly, Ethereum (ETH) could hit a maximum price of $4,773.52 in 2024. Reaching 4,773.52 from current levels would translate to a growth of about 59.2%. Nonetheless, the figure still falls short of ETH’s all-time high. However, if ETH manages to go beyond $4,500, it may surge beyond its previous peak.
Telegaon presents a more bullish take on ETH’s price this year. The platform anticipates ETH to hit a maximum price of $5,854.04, which would be a new all-time high. Hitting $5,854.04 from current levels would translate to a growth of about 95%.
Furthermore, there is also a possibility that the US SEC (Securities and Exchange Commission) will approve a spot ETH ETF (Exchange Traded Fund) later this year. If a spot ETH ETF is approved by the SEC, we may witness a sudden surge in ETH’s adoption and its price.
ETH hit an all-time high of $4878 in November 2021. However, the asset's price has fallen by 38.5% since its 2021 peak. According to Changelly, Ethereum (ETH) could hit a maximum price of $4,773.52 in 2024.
According to Cryptonewz, by the end of the current year 2024, ETH will touch $5,000. By the year 2025, Ethereum is expected to reach the maximum level of $6,500 with a minimum of $ 4,500 and an average of $5,500.
That being said, it is a 100% return from current levels and, therefore, will be a difficult target to hit. The Digital Coin Price Ethereum forecast calls for the market to be relatively flat through most of 2023 but does have an Ethereum Price Prediction of higher levels in 2024, breaking the $3000 level.
Crypto markets aren't ready for such a stretched valuation. Ethereum's chart doesn't support moving to $100k in the coming years. While ETH to $100,000 might happen at a certain point in time, it won't happen before 2030, is what we confidently can say. Here is a path to $10,000 though.
ETH price could end the trade for May 2024 with a potential high of $3,859. By the end of 2030, the predicted Ethereum price could soar to a peak of $26,575.21.
Our most recent Ethereum price forecast indicates that its value will increase by 0.62% and reach $3,451.38 by June 20, 2024. Our technical indicators signal about the Neutral Bullish 55% market sentiment on Ethereum, while the Fear & Greed Index is displaying a score of 74 (Greed).
Can ethereum reach $50,000? Ethereum prices could surpass $50,000 by 2030 in a best-case scenario, according to VanEck. But that would require a significant rise in activity on the ethereum blockchain over the next six years.
According to commentary published after the funds' approval on Thursday, Lin expects that ether could reach between $15,000 to $22,500 this cycle. The high-end forecast implies a 503% gain from current prices levels of around $3,890.
Conclusion: A Bullish Future with Ethereum (ETH) at the Helm
As predictions of Ethereum (ETH) reaching $10,000 captivate the crypto community, the landscape is ripe with opportunities for both seasoned investors and newcomers.
Assuming a hypothetical target of $100,000 for bitcoin, Ethereum would hit $14,750 using the 2017 metric high and $8,800 using 2021's high. Between bitcoin and ether, I don't believe there is a bad option if you're looking to gain exposure to the leading platforms and assets of Web3.
Thakral believes that Bitcoin reaching $100,000 in 2024 is more feasible now than ever before due to several key factors. The approval of the spot Bitcoin ETF has spurred significant interest from institutional investors, fundamentally transforming the crypto investment landscape in favor of Bitcoin.
At a price of $166,000, six ETH would be worth roughly $1 million. Currently, six ETHs cost around $20,000. For reference, the entire market cap of the S&P 500 is roughly $40 trillion. Additionally, the entirety of the world's above-ground gold reserves are estimated to be worth around $16 trillion.
ETH Price Predictions: For June 2024, Ethereum price is expected to trade between $3700 to $4000, with significant resistance anticipated between $4000 and $4230; breaching this range could lead to new all-time highs, while $3500 is expected to serve as strong support.
Drawing parallels from previous cycles, a hypothetical 200% gain from its last high could see Ethereum reaching around $15,000 per coin. For current buyers, this represents a potential 500-600% gain, a lucrative yet relatively low-risk bet in the volatile crypto market.
Our list of the next big crypto coins to explode in 2024 (x100 Bull Run) : EarthMeta ($EMT) – AI-driven Metaverse platform for decentralized governance and digital real estate. Folki ($FOLKI) – Meme coin integrating with the metaverse.
Introduction: My name is Arielle Torp, I am a comfortable, kind, zealous, lovely, jolly, colorful, adventurous person who loves writing and wants to share my knowledge and understanding with you.
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