Ethereum Targets $5,000 in 2024
22 Mar, 2024 ● Coin news
The value of Ether could hit $5,400 in 2024, as per a widely-used technical analysis tool that determines if a cryptocurrency is either overbought or undersold.
In a scenario with considerable risk, the Mayer multiple oscillator predicts Ether's value could exceed $5,400.
This oscillator compares Ether’s present price to its 200-day moving average (MA), a detail highlighted by Binhdangg, a CryptoQuant-verified contributor, in a post on March 21 on X.
Bitfinex analysts, in a conversation with Cointelegraph, mentioned:
“We expect it to reach oversold condition this year based on the fact that there is a cyclical behavior of the asset to oscillate between the overbought and oversold bands of the indicator.
However, this is a dynamic moving average-based deviation, and the upper band may be far above the $5,400 level by the time the price reaches those levels.”
Currently, Ether's trading price is just over $3,500, which is approximately 27% below its highest price of $4,891, recorded on Nov. 16, 2021, based on CoinMarketCap.
According to Polymarket's odds, over 62% of market analysts now believe Ether will revisit its peak price in 2024, an increase from 45% one month earlier.
The Dencun upgrade's intrinsic value could propel the ETH/BTC pair to its 2021 bull market peaks, Bitfinex analysts suggest:
“This would mean an approximate value of $5,900 for Ether based on the current BTC market price. Again, we can expect the BTC price to be higher than current levels by the time this level on the ETH/BTC ratio is reached.”
Currently, the most awaited development that could impact Ether's price in the short to medium term is the potential approval of a spot Ether exchange-traded fund (ETF).
John Lo, the founder of Recharge Capital, noted that an Ether ETF's approval might face more regulatory hurdles compared to past Bitcoin ETFs, expecting heightened examination from the SEC.
The decision from the United States Securities and Exchange Commission regarding VanEck's ETF proposal has been delayed until May 23.
Similarly, decisions on the Hashdex and ARK 21Shares spot Ether ETFs were postponed on March 19, with a final decision due by the end of May.
Sources:
https://cointelegraph.com/news/ether-price-surpass-5-4k-technical-indicator
https://twitter.com/binhdangg1/status/1770697032484745250/photo/1
