Ethereum experienced significant price volatility over the past year, peaking at a market cap of $488 billion before declining to $290 billion, as reported by News.Az. Some analysts are predicting Ethereum could reach $10,000 in 2024.
Despite these fluctuations, Ethereum has not yet reached a new all-time high in terms of price or market cap. In early August, Ethereum and the broader crypto market faced a considerable downturn due to fears of a potential U.S. recession and increasing global geopolitical tensions. During this period, Ethereum’s price dropped from just below $3,500 to approximately $2,400.
Currently, Ethereum is in a bearish phase, trading below both the short-term 50-day simple moving average (SMA) at $2,662 and the long-term 200-day SMA at $3,148, indicating potential further selling pressure. Over the last 30 days, Ethereum’s price has fallen by 6.52%, and its 24-hour trading volume has plummeted by 44%, now standing at $7.1 billion. This analysis delves into Ethereum’s price prediction, exploring whether $ETH could reach $10,000 in 2024.
Ethereum Price Prediction: Could $ETH Hit $10,000 in 2024?
Ethereum is currently maintaining a crucial support level at $2,374, attracting both smart money and retail investors, leading to multiple buybacks. The weekly Relative Strength Index (RSI) shows strong buying pressure, remaining around the 40s and not dipping below this level for two years.
Although the cryptocurrency has experienced a 50% correction from its peak, this pullback is considered healthy. The price action is in line with textbook patterns, including Fibonacci retracements.
For Ethereum to achieve a price target of $10,000 by 2024, both its price and market cap would need to grow significantly, potentially reaching $1.12 trillion if Bitcoin also hits new highs. Previous market trends and Fibonacci targets suggest that Ethereum could realistically reach $11.5K, assuming a strong bullish sentiment across the market.
Additionally, the introduction of Ethereum-focused ETFs and its long-term project roadmap could further enhance its value. This positive outlook makes Ethereum a promising investment, especially for those employing dollar-cost averaging during price dips.
Ethereum Crypto Price Prediction
Ethereum’s ability to hit $10,000 in 2024 will largely depend on various factors including market sentiment, technological advancements, and broader financial conditions. While current technical indicators show a bearish trend, historical data and market analyses offer hope for significant gains.
To gain a deeper understanding of Ethereum’s future price movements, check out the video above and subscribe to Jacob Crypto Bury’s YouTube channel. Additionally, join the vibrant community on his Discord, which boasts over 26,000 members, for more trading tips and insights on upcoming crypto presales.
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