Ethereum (ETH) Road to $10K: Coinbase & Analysts Are Bullish.
Ethereum (ETH), the second largest cryptocurrency, has seen a mixed performance lately but according to several prominent analysts, it may be preparing for a price increase. Despite lagging Bitcoin's gains this year, bullish predictions are emerging that ETH may be poised to rally well into the five-figure range.
TLDR
Cryptocurrency analysts are expressing bullish sentiment on Ethereum (ETH), with one suggesting it could rise above $10,000 by the end of the year. Coinbase says that ETH has the most potential for upside in the coming months because it doesn't have major supply-side pressures like token launches or mining sales pressure. The market may be evaluating the timing and chances of a possible US spot ETH ETF approval, which could push prices higher if it happens. Technical analysts see bullish signs for ETH, citing the completed “Bullish Cypher Pattern” and key support at the 38.2% Fibonacci retracement level towards $2800. Going back over $4000 is eye candy.
One of the most eye-catching predictions comes from analyst CryptoDaddy, who predicted that Ethereum will be in 2018. It suggests that it will surpass the $10,000 mark by the end of 2024.
#Ethereum tops $10,000 until EOE pic.twitter.com/xVgmqtc27A
— Yoddha (@CryptoYoddha) May 13, 2024
Another widely watched analyst, Michael Van de Pop, expressed similar optimism, saying that ETH is in the final stages of a correction. He predicts higher prices in the coming weeks.
#Ethereum is in the final stages of correction.
There's about 10% more on top of that, because we're hitting a higher timeframe support level.
The best times are in a few weeks. pic.twitter.com/21mZeSUAxx
— Michael Van de Pop (@CryptoMichNL) May 15, 2024
These lofty price targets aren't just wishful thinking.
Coinbase's latest research report outlines several key factors that could propel Ethereum higher in the near term. In particular, ETH currently lacks major supply-side overlays such as large token launches or heavy miners that often hold summits.
Conversely, the report highlights that staking and Layer 2 growth are steadily reducing the supply of liquid ETH.
Ethereum's dominant position in decentralized finance (DeFi) appears to be secure due to its widespread adoption of EVMs and widespread innovation. This provides a solid foundation for appreciation.
Another potentially big deal that Coinbase believes the market has underestimated is the approval of the US spot ETH ETF.
The SEC has key decisions due at the end of May, and while the first ones may be rejected, the report suggests that litigation could eventually lead to a reversal. Even increasing the odds of this happening can lead to wild speculation.
On the technical front, analysts are seeing chart patterns that suggest a possible future. The titan of crypto notes that ETH has completed an already bullish cypher pattern and cleanly cleared the key 38.2% Fibonacci retracement support around $2800.
Historically, this has served as a springboard for upward movement during crypto bull markets.
Additionally, analyst Jacquies highlights Ethereum's rise above $4000 in March as a major structural change, signaling the start of a new long-term uptrend.
Based on a combination of technical and fundamental drivers, a retest or break of those highs looks like a reasonable near-term target for many.
Of course, the road ahead is not without obstacles. Macro headwinds and persistent regulatory uncertainty could still hurt sentiment.
A complete rejection of spot ETFs by the SEC could trigger a knee-jerk sell-off. However, the balance of evidence seems to be shifting firmly in the Ethereum bull camp.
