Ethereum has shown impressive price movements over the past year, reaching a peak market cap of $488 billion before declining to $290 billion. Despite recent fluctuations, it has not yet hit a new all-time high in terms of price or market cap.
In early August, Ethereum, along with the wider crypto market, saw a significant downturn, driven by fears of a potential U.S. recession and escalating global geopolitical tensions. Its price fell from just below $3,500 to approximately $2,400 at the time of writing.
Currently, Ethereum is in bearish territory, trading beneath both the short-term 50-day simple moving average (SMA) at $2,662 and the long-term 200-day SMA at $3,148, suggesting the possibility of further selling pressure.
In the last 30 days, Ethereum’s price has declined by 6.52%, while its 24-hour trading volume has decreased by 44%, now standing at $7.1 billion. This article delves into Ethereum’s price prediction, analyzing whether $ETH could potentially reach $10,000 in 2024.
$ETH Crypto Price Prediction
Ethereum is currently holding a crucial support level at $2.374, which has attracted smart money and retail investors, leading to multiple buybacks. The weekly RSI suggests that Ethereum has maintained strong buying pressure, hovering around the 40s, and has not dipped below this level in two years.
Although the coin has undergone a 50% correction from its peak, it is considered a healthy pullback, with the price action aligning with textbook patterns, including Fibonacci retracements.
For $ETH to reach $10,000, both its price and market cap would need to increase fourfold, potentially reaching $1.12 trillion, contingent on Bitcoin also reaching new highs. Previous market patterns and Fibonacci targets suggest that Ethereum could realistically hit $11.5K, assuming market-wide bullish sentiment.
Additionally, the introduction of Ethereum-focused ETFs and its long-term roadmap could further drive value, making the future outlook for Ethereum optimistic, particularly for investors seeking to dollar-cost average during price dips.
For a detailed Ethereum price prediction analysis, check out the video above and subscribe to his YouTube channel. You can also join Jacob Crypto Bury’s Discord community, which boasts over 26,000 members, for trading tips and insights on upcoming crypto presales.
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