Singapore , Jan. 12, 2024 (GLOBE NEWSWIRE) -- The cryptocurrency market is buzzing with excitement, especially after the approval of a Bitcoin ETF. This development has significantly sparked interest in Ethereum-based tokens, leading to a notable surge in their value. Ethereum's price, in particular, has reached its highest point since May 2022. Investors are optimistic about the possibility of an Ethereum (ETH) ETF receiving SEC approval, contributing to this upward trend.
Adding to enthusiasm, Vitalik Buterin's recent proposal to increase Ethereum's gas limit further fueled the surge, with Ethereum's price surpassing the $2,600 mark for the first time since May 2022. This has set a promising stage for Ethereum price climbing towards the $3,000 milestone.
Technical analysis using Bollinger Bands on the daily timeframe supports this bullish perspective. Ethereum is currently trading at $2,655, having moved above the upper Bollinger Band at $2,539, indicating a shift to bullish market momentum.
To reinforce the prediction of Ethereum reaching $3,000, a significant challenge must be overcome: breaking through the psychological resistance around $2,800. Successfully navigating past this point could pave the way for Ethereum to hit the anticipated $3,000 mark.
MEXC Research's collection of market insights reveals substantial growth in Ethereum markets, driven by strong buying interest. This trend suggests a possible broader upward trajectory in the cryptocurrency market, with Ethereum poised to benefit significantly from this momentum.
Renowned experts have weighed in with their predictions for Ethereum's price in 2024:
- • Anthony Sano's Optimistic Forecast: Predicting Ethereum to reach an impressive $10,000 by 2024, Sano emphasizes Ethereum's unique staking feature and the likelihood of an Ethereum ETF introduction, which he believes will attract institutional investors.
- • Rekt Capital's Analysis: Suggesting a 22% increase, Rekt Capital believes Ethereum could surpass $2,600 if it maintains firm support at $2,274.
- • FieryTrading's Bullish Trend Prediction: Ethereum has maintained a bullish trend for over 1.5 years, according to FieryTrading, with the potential to reach $5,000 by late 2024 or early 2025.
- • Nikolaos Panigirtzoglou's Long-term View: The JPMorgan Managing Director highlights Ethereum's potential, especially with the "Protodanksharding" upgrade, projecting a price towards $8,000 by 2026 and possible outperformance over Bitcoin in 2024.
- • Michaël van de Poppe's Forecast: Anticipating a correction to around $1,900, followed by a rise to $3,400-$3,800 in early 2024.
- • Credible Crypto's Ambitious Predictions: Predicting ETH could reach a minimum of $10,000 and possibly soar to $20,000 in 2024, representing a substantial increase from its current value.
Supporting these optimistic forecasts, data from Santiment Information indicates a significant increase in Ethereum accumulation by top holders. The top 150 self-custody wallets now hold a record-breaking 56.25 million ETH, demonstrating considerable confidence in Ethereum's future.
In conclusion, Ethereum's price predictions for 2024, as compiled by MEXC Research, range from a conservative estimate of $6,000 to a striking $10,000, heavily influenced by market sentiment and the anticipated introduction of an Ethereum ETF.
Disclaimer: The information provided in this press release is not a solicitation for investment, or intended as investment advice, financial advice, or trading advice. It is strongly recommended that you practice due diligence (including consultation with a professional financial advisor) before investing in or trading securities and cryptocurrency.
