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The continuous growth in its network, the anticipated spot ETH ETFS, the upcoming Dencun Upgrade, the sustained price increases and the positive market sentiment have created hope that Ethereum will perform well for the remainder of the year which may result in an ETH bull run. Also, the Ethereum price surge has positioned Ether as a worthwhile investment asset.
In this article, we will discuss ETH’s recent price movement and its next possible target. We will also assess the views of several crypto analysts on Ethereum’s price trajectory in 2024.
ETH Hits $4,000: Ascending Channel Trend since June 2022
Like many leading cryptocurrencies ETH recorded a downtrend a few days into 2024. It declined from $2,352 to $1,500. However, from there, the Ether price rose to surpass the $3,600 resistance level on 5 March as the next graph shows.
ETH Surpasses $3,600 – Gate.io
The diagram indicates that the ETH price surpassed the $3,600 level on 5 March and is continuing on its path towards $4,500. At the time of writing, 10 March, the Ethereum price is $3,941, less than $100 shy of $4,000. It is also important to note that on 8 March the Ethereum price shot to $3,990.11.
In its upward price trajectory this month ETH broke above a multi-month high of $3,715 and has consolidated its gains. It has also overcome several hurdles along the way as it is now trading above the 23.6% Fib retracement level and the 100-hourly Simple Moving Average.
In addition, it has broken several resistance levels including the $3,720; $3,780; $3,850 and $3,920 points. Currently, ETH is targeting $4,500 as it has also surpassed the $3,920 resistance level.
As of now, ETH is 19% lower than its all-time high of $4,878.26, attained on 10 November 2021. With this figure in mind, it is clear that ETH may surpass the existing all-time high at any time this year.
What is also vital to realize is that ETH had been trading in a long-term ascending parallel channel that started in June 2022 until the first week of February as the next image shows.
ETH/USDT Weekly Chart – TradingView
During the first week of February ETH was still trading in that channel. It tried to break above the channel on two occasions, marked by the red pointers on the image. Nonetheless, ETH finally broke out of the channel in February and ever since that breakout its upward momentum has continued.
Analysts weigh in: Ethereum’s Surge Just the Start of a Larger Trend Say X Traders
Several crypto traders who have aired their views on X say that ETH’s current price upward thrust is just the beginning of a long term bullish trend. Altstreetbets, one of the traders, used the Elliott Wave count to predict that the ETH price will reach $5,500 in the near future, within 2024.
Source: x.com
According to Altstreetbets the ETH price should rise above $4,500 before it pulls back, then continue with its upward trend until it reaches $5,500. Byzantine General is another X user who is confident that ETH will reach new heights this year.
The following screenshot shows his reason for ETH’s probable trajectory towards $5,500.
Source: x.com
Next is Van de Poppe, another X user, who predicts that the ETH price will reach $5,000. His view is that soon there will be a bullish altcoin market that will remove all the attention from Bitcoin. It is the altcoin bullish market which will push ETH’s price towards $5,000.
Posting on X Van de Poppe said, “Altcoin market capitalization is slowly moving upwards. The upside could be captured on Bitcoin, meaning a rotation towards altcoins. Therefore, Ethereum to $4,500-5,000 is likely, while altcoins will accelerate with 2-4x returns.”
Another X user who responded to Van de Poppe’s message said, “Altseason is almost here.”
Ether Price Forecast: Eyeing $4,000 amid positive Wave Count and RSI indicators
Several technical indicators including the RSI and wave count support ETH’s upward price narrative. Currently, the Wave count indicates that ETH is within wave three out of the five Waves. Since wave three has just covered 1.61 times its length it means that ETH will be in an uptrend for some weeks.
At the same time, the RSI is still rising which indicates that ETH still has an opportunity to rise further, with waves one and three having a ratio of 1:2.61. Despite the above ETH predictions the coin may lose its momentum and have a pull back or downtrend.
In summary some crypto analysts believe the current ETH price surge may leave it trading between $4,000 and $15,000. Again, more people are likely to buy Ethereum as we move towards the next bitcoin halving event, Dencun upgrade and possible US SEC spot ETH approvals.
Mark Yusko, Morgan Creek Capital CEO, is one person who believes that if institutional and retail investors continue to buy ETH its price may reach $15,000.
DailyHodl quoted Yusko as saying, “I could see a bigger rally in Ethereum than Bitcoin. And that’s kind of what you would expect in the pump part, in the final meteoric parabolic move. Ethereum has historically outperformed Bitcoin and it probably should again.”
He added, “I probably have no reason to go against what has existed for a long time, which is the ratio between Bitcoin and Ethereum. It used to be almost exactly 10-to-1 So if Bitcoin was $20,000, Ethereum would be $2,000.”
So let’s say Bitcoin gets to $150,000 like I think it will. And let’s say we don’t go all the way back to [a Bitcoin-to-Ethereum ratio of] 10-to-1 but we go to… Let’s say it’s 1.5. So that’s [an Ethereum price of] $10,000.”
Now, “Let’s say it gets all the way back to 10-to-1. Then that would be [an Ethereum price of] $15,000. So, comfortably somewhere between $10,000 and $15,000.”
In terms of ETH price analysis, analysts have come up with a range of figures. But what will transpire will depend on the prevailing regulatory and market conditions.
Conclusion
Since the beginning of the year Ethereum gained much as a result of the prevailing broader bullish market sentiments, upcoming upgrades and the expected approval of spot ETH ETFs in the United States. The price of ETH rose from about $1,500 in January to over $3,900 in the second week of March. Some crypto experts predict the value of ETH to reach $4,000 in the near future.
