Ethereum Price Forecast: Potential $10,000 Target in 2024?
Ethereum has experienced notable price fluctuations in the past year, reaching a peak market cap of $488 billion before dropping to $290 billion. Despite these fluctuations, Ethereum has not yet surpassed its previous all-time high in terms of price or market cap.
In early August, Ethereum, along with the broader crypto market, faced a significant downturn due to concerns about a potential U.S. recession and escalating global geopolitical tensions. At that time, its price declined from just under $3,500 to around $2,400.
Presently, 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 the potential for further selling pressure.
Over the last 30 days, Ethereum’s price has dropped by 6.52%, with its 24-hour trading volume decreasing by 44% to $7.1 billion. This article explores Ethereum’s price prediction, examining the possibility of $ETH reaching $10,000 by 2024.
Ethereum currently maintains a critical support level at $2.374, attracting both institutional and retail investors, leading to multiple buybacks. The weekly Relative Strength Index (RSI) indicates sustained buying pressure for Ethereum, hovering around the 40s without dropping below this level for two years.
Although Ethereum has undergone a 50% correction from its peak, this pullback is viewed as healthy, with the price movement aligning with established patterns, including Fibonacci retracements.
For Ethereum to reach $10,000, its price and market cap would need to quadruple, potentially hitting $1.12 trillion, contingent on Bitcoin also achieving new highs. Previous market trends and Fibonacci targets suggest that Ethereum could realistically reach $11.5K, given overall bullish sentiment.
Furthermore, the introduction of Ethereum-focused exchange-traded funds (ETFs) and its long-term roadmap could contribute to increasing its value, offering a positive outlook for Ethereum’s future, especially for investors looking to capitalize on price dips.
For a more detailed analysis of Ethereum’s price prediction, viewers are encouraged to watch the accompanying video and subscribe to the relevant YouTube channel. Additionally, joining the Discord community of Jacob Crypto Bury, which boasts over 26,000 members, can provide valuable trading insights and tips.
Source: News.Az
