Ethereum (ETH) Price Set to Dominate – $5,000 in 2024?

Published by

Qadir AK

December 22, 2023

In December, Ethereum surged past the $2,100 mark, driven largely by the growing expectation of the SEC’s potential approval of the Ethereum Exchange-Traded Fund (ETF). This awaited ETF decision stirred optimism throughout the crypto market.

Further accelerating Ethereum’s growth, BlackRock, a major asset management firm, declared its intent to enter the Ethereum ETF space. Interestingly, in November, Ethereum’s growth rate outpaced that of Bitcoin, with a 13% increase compared to Bitcoin’s 8%.

Here are the exciting predictions for ETH in the year 2024.

Looking Ahead to 2024: Predictions for Ethereum

Many analysts and experts are optimistic about Ethereum’s prospects in 2024. Notably, Arthur Hayes, co-founder of BitMEX, has shifted his focus from the rising Solana (SOL) to Ethereum, despite Solana’s recent 350% surge. This move underscores Hayes’ confidence in Ethereum’s potential for sustained growth and innovation in the crypto sector.

Currently, Ethereum’s trading value stands at $2,275.86, reflecting a daily increase of 2.84% and a monthly rise of 14.45%. Such consistent growth has led to predictions that Ethereum could potentially reach $5,000.

Also Read: SEC Postpones Ruling on Ethereum ETFs, Opens Door for Public Input

Things are Looking Up!

Hayes’ shift in perspective provides valuable insights into Ethereum’s future trajectory, especially when compared to his earlier prediction of a $100 value for Solana. His analysis points to Ethereum’s ongoing transition to a proof-of-stake model and the promising ETF opportunities as key drivers for its anticipated growth. These factors highlight Ethereum’s resilience and potential to play a significant role in the evolving crypto landscape.

Read More: Ethereum (ETH) Price Set To Hit $3500: Analyst Maps Buy Levels

In summary, Hayes’ recent actions emphasize Ethereum’s increasing importance and its potential to influence the crypto market in the upcoming years. If Ethereum continues its positive performance from 2023 into 2024, reaching the $5,000 mark could be a realistic possibility. Technical indicators, such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), further support a positive outlook for Ethereum’s future growth.

Ready to ditch your SOL for ETH? Tell us why (or why not!)

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.