A key Ethereum price metric targets $5.4K ETH in 2024
The price of Ether in 2018 It could reach the $5,400 mark in 2024, according to traders' technical price indicator to assess whether the cryptocurrency is overbought or oversold.
The price of Ether could exceed $5,400 by 2024.
Ether (ETH) may break above $5,400 in a high-risk scenario based on Mayer's multiple oscillator, which is based on comparing the current price of Ether with the 200-day moving average (MA). The analysis was shared by CryptoQuant-certified author Binhdangg in a March 21 X post.
Ether's price may reach the upper band of the indicator, but that could be much higher than $5,400, Bitfinex analysts told Cointelegraph.
We expect it to reach an oversold condition this year due to the cyclical nature of the asset to oscillate between oversold indicator bands. However, this is a dynamic moving average-based divergence, and the upper band could be above the $5,400 level when the price reaches those levels.
According to CoinMarketCap data, the price of Ether is currently trading above $3,500 USD, up around 27% from the high of $4,891 reached on November 16, 2021.
More than 62% of market participants expect Ether to reach its previous all-time high in 2024, compared to 45% a month ago, according to forecast market Polymarket.
Related: Ether may liquidate $212M worth of long positions at $3,100
ETH/BTC ratio to reach 2021 bull market peak: Bitfinex
Based on the fundamental value added by the Denkun update, the ETH/BTC pair may reach the peak of the 2021 bull market. According to Bitfinex analysts:
“This means an approximate price of $5,900 for Ether based on the current market price of BTC. Again, when this level is reached on the ETH/BTC ratio, we can expect the price of BTC to be higher than the current level.”
The approval of a spot Ether exchange-traded fund (ETF) is currently the most anticipated event that could affect Ether's short- and medium-term price movements.
Approval of the Ether ETF is less certain than previous approvals of Bitcoin ETFs, according to Filling Capital founder John Lo, who expects more regulatory scrutiny from the SEC.
Related: ‘Mr. 100'? The mysterious Bitcoin whale becomes the 14th largest owner of BTC.
The U.S. Securities and Exchange Commission pushed back its decision on VanEck's ETF application to May 23. It also extended its decision on the Hashdex and ARK 21Shares spot ether ETF to March 19. Both ETF applications have a deadline for a decision at the end of May. .
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
