According to a technical price indicator called the Mayer multiple oscillator, the price of Ethereum (ETH) could potentially exceed $5,400 in 2024.
The analysis, shared by a CryptoQuant author on March 21, suggests that Ether’s price has the potential to reach the upper band of the indicator.
#Ethererum high-risk price is showing 5.4K.
This chart applies the Mayer Multiple oscillator to #ETH pic.twitter.com/R9SOpWx9zx
— binhdangg (@binhdangg1) March 21, 2024
However, Bitfinex analysts cautioned that the upper band may surpass $5,400 by the time the price reaches those levels.
Currently, Ether is trading at $3,460, approximately 29% below its all-time high of $4,891 reached in November 2021.
However, over 62% of market participants expect Ether to reach its previous all-time high this year, according to predictions by polymarket.
Bitfinex analysts also predict that the ETH/BTC ratio could reach the highs of the 2021 bull market.
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Based on the added value from the Dencun upgrade, they estimate a potential value of around $5,900 for Ether, considering the current BTC market price.
The approval of a spot Ether exchange-traded fund (ETF) is a highly anticipated event that could influence Ether’s price trajectory in the short to medium term.
However, Bloomberg analyst Eric Balchunas has revised his odds of an Ether ETF approval from 50% to 35% by May 2024.
This is due to expected regulatory scrutiny from the United States Securities and Exchange Commission (SEC).
The SEC has postponed its decision on several Ether ETF applications, including VanEck’s, with a final deadline set for May 23.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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