Macro Researcher Predicts Ethereum to Hit $20K in 4 Months

Macro Researcher Predicts Ethereum’s Ascent to $20K in Four Months

According to a well-known macro researcher, Ethereum might hit the $20,000 mark within the next four months, riding on the wave of the current bullish market trend. The forecast has generated considerable excitement, setting the stage for Ethereum enthusiasts to witness a potentially monumental upward movement.

Recently, Ethereum has demonstrated strong performance, closing the week with a 4% rise and crossing the $2,600 threshold. This bullish momentum suggests a growing investor interest, with the next benchmark set at $2,800, which is anticipated to serve as a critical resistance point.

The latter part of September marked a significant shift for Ethereum, as it strives to break free from a downward trend that began in March. This shift has fueled renewed optimism among market participants.

Promising Upward Trend

The bullish trends in the market have instilled optimism regarding Ethereum’s price trajectory. Julien Bittel, Head of Macro Research at Global Macro Investor, pointed out that Ethereum’s current trend mimics its pattern from 2023, hinting at possible price gains ahead.

Bittel’s assessment reveals a relatively stable Ethereum price movement, ranging between $1,500 and $2,500 from January 2023 to March 2024. He predicts a more pronounced upward trend starting in September 2024, which could potentially drive Ethereum’s price to an impressive $20,000 by January 2025 if the current momentum is maintained.

With Ethereum currently trading at $2,671, this aggressive timeline indicates that ETH might experience a nearly 10X increase in just four months.

Recovery in Ethereum’s Funding Rate

Additional support for the growing optimism comes from Ethereum’s funding rate. CryptoQuant’s report on September 25 indicated that after initial declines, Ethereum’s funding rate recovered towards the 0.01 level, bouncing back from 0.005.

Shayan, a trading manager at CryptoQuant, observed that this rebound symbolizes increased buying pressure from futures traders, indicating a shift in market sentiment. As the investor interest intensifies, Ethereum’s price stands to gain, especially as the broader market shows signs of recovery.

Lingering Concerns

Despite the overall positive outlook, some large-scale transactions by Ethereum whales have caused concerns. Recently, two significant Ethereum whales transferred over $53.6 million worth of ETH to exchanges, raising the specter of a potential selloff.

Spot on Chain revealed that these notable transfers were associated with entities related to Ethereum’s initial coin offering (ICO) and the liquidation of Genesis Trading.

In particular, one of the largest whale addresses, affiliated with Ethereum’s 2015 ICO, ended a three-month dormancy by moving 8,510 ETH, valued at $22.15 million, to the Kraken exchange.

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