Ethereum’s price has been fluctuating recently. After a drop in June, the price bounced back to $2,500. However, it’s still struggling to reach $3,000. The sentiments surrounding the recently launched Ethereum ETFs suggest that more investors are showing interest in Ethereum, which could be a sign of a nearing price increase. Owing to this, many are curious if Ethereum will hit $5,000 this year. Let’s see some reasons why this is a possibility.
Ethereum made a dip but bounced back to a healthy victor
Source: Coinfomania
As per Coinfomania’s crypto prediction analytics, Ethereum (ETH) is currently trading at $3486.99. By August 13, 2024, its price is expected to rise by 0.93% to $3,486.99. Per market sentiments, it seems like it’s a good time to sell ETH. Over the last 30 days, eth has seen 15/30 green days, reflecting a 50% positive trading trend, with its price fluctuating moderately with a volatility of -21.38%. In the last 24 hours, Ethereum’s price has enjoyed a 2.66% rise. Its market cap is currently $419 billion, with 120 million coins in circulation as of writing.
Source: Coinfomania
After a big loss and hitting a low of $2111 earlier on, Ethereum’s price jumped up 4% and reclaimed $2500. Even though it bounced back, the bears were still in control. But now, it looks like the price might go up 20% soon.
ETH/USDT price chart. Source: TradingView
Some sources suggest the technical signs are hinting at a bullish reversal. The price is heading towards a major resistance level. The DMI and MACD indicators are still bearish, but they might cross over and become bullish by the end of the week. This is similar to what happened in early July when Ethereum’s price cruised from $2900 to $3500. If the bulls keep pushing, Ethereum’s price might go from around $2400 to above $3000 in the next few days.
Why Ethereum’s price might go up
Several things could affect Ethereum’s price next year. First is market sentiment and Investor Behavior. How people feel about the market can change prices. For example, when Ethereum announced its Dencun upgrade, the price briefly spiked by 10%. Good news can make prices shoot up, while bad news can make them flop. Next is the technological advancements and upgrades happening in the Ether ecosystem. Ethereum keeps getting better with new updates. The Dencun upgrade, for instance, is supposed to make the network faster and more efficient. This upgrade aims to reduce transaction fees by 20% and increase transaction speed by 15%.
Another factor is the regulatory environment. Laws and regulations can also impact the market. Positive regulations, like the recent approval of Ethereum ETFs in the U.S. in June 2024, can boost confidence and vice versa.
What to expect for 2024-25 and 2030
Experts have different opinions as regards Ethereum’s price in 2024. The Motley Fool predicts that Ethereum could reach $5,000 by the end of the year, which is an optimistic outlook based on factors like more people using Ethereum and new technological improvements. For example, the number of Ethereum wallets has increased by 25% in the past year, showing growing interest.
Based on our analysis of the crypto market using a Machine Learning Model, we predict that Ethereum’s price will reach its highest point in 2025 at around $6,888.55. However, it’s also possible that it could drop to a lower value of $3,593.86. On average, we expect Ethereum to trade at around $6,039.98 throughout the year. For 2030, we expect the ETH price to change hands between $66,258.2 and $ 28,784.7 to settle at $59,040.17.
Others predict Ethereum might reach up to $6,500, with a low of $4,500 and an average of $5,500. This prediction considers the potential for more decentralized applications (dApps) being built on Ethereum.
The post Ethereum Price Prediction 2024, 2025, 2030: Will 2024 Be the Year Ethereum Reaches the $5k Mark? Here Are Some ‘Maybe’ Factors appeared first on Coinfomania.
