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Ethereum, the largest altcoin by market value, has not performed as strongly as expected. Although it may not have achieved massive gains by 2024, historical data offers promising signs for the future. What price do experts target for Ethereum in 2024, and why do they think so?
Ethereum’s Price Target for 2024
The 2022 crash is still fresh in investors’ minds as if it happened just yesterday. Back then, ETH had dropped below $1,000 but emerged strong from the last bear market. Bitfinex analysts are expecting a stronger rally for ETH this year, basing their predictions on historical data.
A price prediction based on the Mayer Multiple oscillator, which compares the current ETH price with its 200-day moving average (MA), suggests an annual target of $5,400. This forecast belongs to CryptoQuant expert Binhdangg, and Bitfinex analysts are expecting even more.
“Based on the fact that the asset exhibits cyclical behavior swinging between the overbought and oversold bands of the indicator, we expect the price to reach a higher peak. This dynamic is a deviation based on the moving average, and when the price reaches these levels, the upper band could be well above the $5,400 region.”
The Future of ETH Prices
According to CoinMarketCap data, the ETH price, hovering around the $3,500 mark, is roughly 27% below its all-time high on November 16th. In 2021, the altcoin king had risen to $4,891.
Data from Polymarket indicates that only 38% of market participants believe the price will not surpass the all-time high (ATH) level this year. In February, 55% of investors thought the same, and this percentage is rapidly declining.
Another forecast by Bitfinex analysts suggests that the ETH/BTC parity will see ATH levels this year. The fact that the parity lingered at 2022 lows is one of the main arguments for those expecting a quick rally.
“This would mean a value of approximately $5,900 for Ether based on the current BTC market price. Again, when we see the ATH in the ETH/BTC parity, Bitcoin should also be above its current level. So, we could see a peak beyond $5,900.”
On the other hand, despite the SEC’s struggles, according to John Lo, founder of Recharge Capital, the approval of a spot ETH ETF may not be such a distant possibility.
