📈 ETHEREUM TARGETS $5.4K IN 2024: EXPERTS' ANALYSIS
According to on-chain data and crypto analysts, Ethereum's price could soar to $5,400 sometime this year. This prediction is based on the Mayer multiple oscillator, a tool used to assess whether a cryptocurrency is overbought or oversold.
Bitfinex analysts also suggest that Ethereum's price might surpass the $5,400 mark, driven by its cyclical behavior and the potential approval of a spot Ether exchange-traded fund (ETF). Currently trading above $3,500, Ethereum sits about 27% away from its all-time high of $4,891.
Furthermore, over 62% of market participants expect Ethereum to reach its previous all-time high in 2024, reflecting growing optimism in the cryptocurrency's future performance.
Additionally, experts anticipate the ETH/BTC ratio to surge to 2021 bull market highs, potentially reaching a value of $5,900 for Ether based on the current BTC market price. However, the approval of an Ether ETF remains uncertain, with regulatory scrutiny expected from the SEC. The decision on VanEck's ETF application has been postponed to May 23, with similar delays for other ETFs. Investors eagerly await these developments to gauge Ethereum's short- to medium-term price trajectory.
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