The price of the second-largest cryptocurrency, Ethereum, followed the downward trend of the leading crypto, Bitcoin, which started to decline once the year's second quarter began. Shortly after and in anticipation of the election, some of the world’s top cryptos began to climb, picking up speed in the days before the ballots got cast. Now, the buying prices of some of the most appealing cryptocurrencies are no longer that appealing.
A new category of demanders is bound to emerge after other cryptocurrencies besides Bitcoin establish new all-time highs and profits are gained en-masse. Since Bitcoin and Ethereum had kept investors on the edge of their seats waiting for new broken records, the massive gains registered earlier impacted the market in a way that's still being felt today. Bitcoin tends to push crypto prices up when it inflates, with an immediate effect being felt Ethereum. Even if the latter is far from its all-time high, investors haven't lost hope in it. The current times offer a few patient investors an opportunity to get involved without having much to lose in case their expectations don't turn into reality.
While many crypto stars, including Cathie Wood, Brian Armstrong, Michael Saylor, and Jack Dorsey, predict Bitcoin will hit $100MN soon, it's now high time we kept an eye on the Ethereum price. The second-best cryptocurrency has blessed investors with some hearty profits. For instance, if you bought ETH in 2019 and sold it in 2023, you could've seen the value of your Ethereum climb by 640%.
Moving on, analysts now weigh in on the two of the most discussed scenarios encompassing Ethereum by the end of 2024. Some crypto experts on related exchange platforms believe ETH could hit a new high in the foreseeable future. A modest one portrays it inching toward the $4,500 level, whereas the boldest envision it at a new ETH of $10,000. So, which hypothesis could be closer to reality now that crypto prices are already skyrocketing after the elections?
Large-following X users express their views
$10,000 sounds like a faraway achievement for Ethereum, yet bullish supporters such as CryptoYoddha, a popular X user, find this feasible. According to the connoisseur, Ethereum's new $10K milestone could be reached well before the year's final, emphasizing that the most profitable financial opportunities emerge when much of the audience behind an asset has lost interest and faith in it. Social media's pressure is both a blessing and a curse. While some pieces of advice may be genuine, numerous self-made pundits spread rumors and deceitful information, which can shatter the weak ones' confidence in their investments.
This is why you need to listen attentively to media advice to sort the wheat from the chaff. Michael van de Poppe is another X user with a massive following who tackles crypto topics and shares predictions, similarly belonging to the bullish category of investors. According to the crypto buff, Ethereum has a bright future ahead.
Techopedia, an IT-centered educational platform offering insights, predicts that Ethereum's price could fall within the $1.8K and $6.4K range for what's left of 2024, so the formerly expressed expectations fall within a feasible range.
As you may have been accustomed, the noisy social media channels abound in crypto-tagged posts, so make sure you're only following the most relevant users.
More bullish projections are in sight
Ethereum has accommodated the world with continuous developments, so it never leaves the sight of investors and developers. Now, the second-best crypto and most prominent smart contract blockchain has a new milestone underway, namely a possible upgrade named EIP-7706 that will give way to a new gas type for data directed into smart contracts during transactions. Similarly, the positive announcement from the SEC regarding the creation of Ethereum exchange-traded funds (ETFs) kept crypto buffs on the edge of their seats and consolidated the asset's prominent position in the median and beyond.
Factors like these don't let the token die. Moreover, the asset receives even more credit, this time from Nick Forster, a former equity options trader and the co-founder of Lyra, a DeFi options protocol. The committed trader foresees high price increases in Ethereum by the year’s final due to the debut of Ethereum-based ETFs. Moreover, the prominent figure points out the 4844 update aimed at scaling Ethereum as a contributor to the rising momentum, emphasizing that it could strengthen the asset's position as a pillar of the digital economy.
Among other things, the efficient token economics and monetary policies are strong points capable of pushing Ethereum even higher. They reward involvement and investment in the network, luring more participants in. Plus, another contributor to the bullish projection boils down to Ethereum's high efficiency, where huge networks handle transaction fees instead of users.
Ethereum may absorb the majority of industries
Ethereum could clear its way into the operations of most major industries owing to its solid ecosystem and continuous work on scaling solutions. Frequent updates and upgrades launch that could cause some organizations or governmental bodies to shift to blockchain technology.
Such circumstances can only favor the asset's price. For reasons like these, some experts speculate that Ethereum could value somewhere between $80K and $100 as 2026 approaches, meaning that investors holding ETH in 2025 may be tempted to wait a little longer before cashing in.
How much could ETH move this year?
Panelists at Finder, a significant crypto analysis and news provider, project Ethereum's price to reach $6,4K by the beginning of 2025, with several envisioning a value of $20K. At the same time, other news platforms, such as Cryptonewz, hold humble expectations, betting on a fair $5K hit by Ethereum by the end of this year. By the following year, the maximum mark of $6,5K remains a possibility.
Scrutinizing the Mayer multiple oscillator, a technical indicator for prices, we can see that ETH isn't excluded from surpassing the $5.4K level this year, possibly hitting this standard's upper band. However, projections from the polymarket suggest that Ethereum is bound to breach its ATH of $4,891 registered in November 2021, as per the belief of over 60% of the market. This means that a potential $10K is a feasible scenario given the many updates it will go through and decisions from regulators that could boost its adoption rates. Considering how well cryptos’ prices behave after the elections, it’s safe to say that such scenarios are nothing but feasible.
How will this year turn out for Ethereum? And what trading strategy do you feel like making the most sense now?
