Will Ethereum (ETH) Price Reach $10,000 by the End of 2024? Analyst Discuss
TL;DR
- Ethereum’s price recently surpassed $3,000 and analysts are predicting even more significant gains.
- A falling MVRV rate, negative exchange net flow, and potential approval of a spot Ethereum ETF in the US could push ETH’s value even higher.
The cryptocurrency market has experienced a significant uptrend in the past few days, with many digital assets rising to multi-week highs. Although it has not witnessed such a significant increase, Ethereum (ETH) is also among the notable gains.
Its price surpassed $3,000, representing a 4% increase on a daily scale. Many analysts believe this could be the starting point of a bull run that could occur in the near future.
X user Michael van de Poppe is among the optimists. Hey requested Recently, ETH has been on track to reach a higher timeframe support level. “Good times will come in a few weeks,” he predicted.
CryptoYoddha was on the rise, imagine A price explosion towards the $10,000 milestone by the end of the year.
Last but not least, World of Charts argument He said ETH has begun to break out of a “falling wedge consolidation” on a 12-hour time frame. “The trend is already up and expects it to continue towards $4500 in the coming weeks,” the analyst said.
Observing Some Important Factors
One of the factors that signal that the value of ETH may be on the verge of an increase is the information on Market Value to Realized Value (MVRV). It helps determine whether the asset is overvalued or undervalued. A high ratio may indicate that the market has reached its peak, while a low ratio may indicate a good buying opportunity. MVRV has fallen significantly since mid-March.
Another factor is the exchange net flow of ETH, which has been predominantly negative over the past month (according to data from CryptoQuant). The shift from centralized platforms to self-custody methods is considered bullish as it reduces immediate sales pressure.
Finally, the price of ETH could head north if a spot Ethereum ETF is approved in the United States. But such a green light could also lead to the same “selling the news” phenomenon that occurred after the BTC ETF approvals in January.
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