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Ethereum price prediction for 2024: is the bullish trend sustainable?

ethereum-price-prediction-is-the-bullish-trend-sustainable
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Predictions
Ethereum price prediction for 2024: is the bullish trend sustainable?

With Ethereum’s price reaching $2,400, what factors drive the market? Let’s analyze Ethereum (ETH) price predictions for 2024.

Ethereum (ETH) has been in the spotlight due to its quick price jumps since late Oct. 2023. On Jan. 2, ETH’s price soared to $2,400, with market sentiment remaining strongly positive. 

A key development contributing to this surge is the highly anticipated EIP-4844 upgrade, enhancing Protodanksharding and scaling for layer-two networks. 

Moreover, analysts, including those from JPMorgan, are optimistic about Ethereum’s capacity to outperform Bitcoin in 2024. 

As we delve into Ethereum’s evolving landscape, it’s essential to consider these factors and their implications on the Ethereum forecast.

Factors affecting ETH price

Several key factors have influenced the recent performance of Ethereum, each contributing to its price trajectory in distinct ways:

Unique addresses and long-term holders

As of Jan. 3, Ethereum’s network has seen a continuous increase in unique addresses, now exceeding 250 million, a strong indicator of Ethereum’s expanding user base. 

Additionally, of the more than 120 million circulating supply of ETH, over 73% are held by long-term holders who have retained their holdings for a year or more, underscoring Ethereum’s potential.

Fresh capital influx

The Ethereum market witnessed a shift in capital flows during the second week of December, with an influx of nearly $20 billion in capital in both ETH and Bitcoin (BTC).

Moreover, the year-to-date fund flow for ETH went positive in Dec. 2023, showing renewed interest from fund managers. 

This change suggests investors are increasingly looking towards Ethereum for investment opportunities​​, adding to the bullish ETH outlook.

Technological developments and upgrades

Ethereum’s anticipated network upgrade in 2024, known as the Dencun Upgrade, is set to introduce enhancements aimed at boosting network efficiency, such as reducing transaction fees on the mainnet. 

This upgrade is essential to the future of Ethereum, potentially easing congestion issues and optimizing the ecosystem for users and developers alike​​.

Regulatory environment and ETF potential 

Post the approval of a spot Bitcoin exchange-traded funds (ETFs), the potential approval of an Ethereum-based spot ETF could be a game-changer for the Ethereum price forecast.

The approval of a spot ETF for Ethereum could boost investor confidence and market liquidity and contribute to Ethereum’s growth trajectory​.

ETH price action and analysis

As of Jan. 3, Ethereum is trading at about $2,380. Over the last year, its price has seen an impressive 95% increase, a strong indicator of its bullish Ethereum potential.

Ethereum price prediction for 2024: is the bullish trend sustainable? - 1
Ethereum price | Source: TradingView

Furthermore, Ethereum is trading above its 200-day simple moving average (SMA) of $1,860, suggesting a bullish or positive trend.

In the short term, Ethereum shows a balance of power slightly in favor of the bulls. The price has not dropped below the 20-day Exponential Moving Average (EMA) of $2,270. 

However, it’s crucial to note that selling pressure may intensify if the price doesn’t ascend above the channel soon. 

If the price breaks below this 20-day EMA, we could see it decline toward the 50-day SMA at $2,177 and potentially to the support level near $2,000.

Looking at Ethereum’s future, if Ethereum manages to break and close above its current channel, it will signal that the bulls are still in control. 

This could lead the buyers to attempt pushing the price over $2,446 resistance levels, targeting a longer-term uptrend towards the $3,000 mark.

ETH price prediction

Ethereum’s price forecasts are drawing significant attention from various industry analysts. 

VanEck, a notable investment firm, projects a substantial increase in Ethereum’s network revenues, suggesting they could rise from $2.6 billion to $51 billion by 2030. 

Based on the premise that Ethereum might secure a 70% market share in smart contract protocols, VanEck’s analysis points to an ethereum future price of approximately $11.8k in 2030. 

Crypto analyst Lark Davis provides a more bullish stance in his ETH price prediction. He speculates that if Ethereum mirrors or slightly underperforms its previous cycle’s gains, the price could soar to about $15,000 per coin, considering a potential 200% gain from its high of $4,880 in November 2021.

For a nearer-term outlook, DigitalCoinPrice estimates Ethereum’s price at around $5,149 in 2024, reflecting optimistic Ether projections.

FAQs

Will Ethereum go up or down in the short term?

Given Ethereum’s recent performance, including a price jump to $2,400 levels and a bullish market sentiment, there’s a cautious optimism for a short-term rise. However, the crypto market is notoriously volatile, and you should always exercise caution.

What are the long-term prospects for Ethereum?

In the long run, the Ethereum future looks promising, especially with the anticipated Dencun Upgrade in 2024, which is expected to enhance network efficiency. If Ethereum breaks and holds above its current channel, it might attempt to cross the $2,446 resistance, aiming towards $3,000. However, you should never invest more than you can afford to lose, as the crypto market is extremely volatile.

Is Ethereum a good investment now?

Considering Ethereum’s continuous growth in unique addresses, the influx of fresh capital, and technological upgrades, it presents as a potentially good investment. However, factors such as regulatory changes and market volatility should be considered, making it essential to approach with informed caution.

Should I buy Ethereum?

Whether to buy Ethereum should be based on your investment strategy and risk appetite. With its price above the 200-day SMA and positive ETH price prediction from analysts, there seems to be a bullish ETH outlook. But as with any investment, especially in volatile markets like crypto, it’s advisable to conduct thorough research or consult with a financial expert.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.