Ethereum
Will Ethereum (ETH) Price Reach $10,000 by the End of 2024? The analyst gives his opinion
TL;DR
- Ethereum price recently surpassed $3,000 with analysts predicting further significant gains.
- The falling MVRV ratio, negative FX net flow, and potential approval of an Ethereum spot ETF in the US could drive the value of ETH higher.
Is ETH preparing for an ATH?
The cryptocurrency market has seen a significant uptrend in recent days, with many digital assets hitting multi-week highs. Although it did not see such a substantial increase, Ethereum (ETH) was also among the notable gainers.
Its price has surpassed the $3,000 mark, representing an increase of 4% on a daily scale. Many analysts believe that this could be the starting point for a bull run that could take place in the near future.
User X Michael van de Poppe is one of the optimists. He claims Recently, ETH is on the verge of reaching a support level in a higher timeframe. “The good times will be here in a few weeks,” he supposes.
CryptoYoddha was even more optimistic, imagine a price explosion towards the $10,000 mark by the end of the year.
Last but not least, World of Charts argued that ETH started to break the “falling wedge consolidation” on a 12-hour time frame. “The trend is already upwards and is expected to continue towards $4,500 in the coming weeks,” the analyst predicts.
Observe some important factors
One signal that ETH’s value could be about to rebound is the market value to realized value (MVRV). This helps identify whether the asset is overvalued or undervalued. A high ratio suggests a market top, while a low ratio may indicate a good buying opportunity. The MVRV is on a significant fall since mid-March.
Another factor is ETH net trading flow, which has been mostly negative over the past month (according to CryptoQuant data). Shift from centralized platforms to self-custody methods is considered bullish as it reduces immediate selling pressure.
Last but not least, the price of ETH could head north if an Ethereum spot ETF is approved in the United States. However, such a green light could also lead to the same immediate “information selling” event observed after BTC ETF approvals in January.