Ethereum Cryptocurrency Price Prediction – Can $ETH Reach $10,000 in 2024?

Ethereum has shown impressive price movements over the past year, reaching a peak market cap of $488 billion before declining to $290 billion. Despite recent fluctuations, it has yet to reach a new all-time high in terms of price or market cap.

In early August, Ethereum, like the entire crypto market, experienced a significant downturn caused by fears of a potential recession in the US and escalating global geopolitical tensions, with its price falling from just under $3,500 to around $2,400 at the time of writing.

Currently, Ethereum is in a bearish zone and is trading below both the short-term 50-day simple moving average (SMA) at $2,662 and the long-term 200-day SMA at $3,148, indicating the possibility of further selling pressure.

In the last 30 days, Ethereum's price has fallen by 6.52%, while its 24-hour trading volume has decreased by 44% and now stands at $7.1 billion. This article looks at Ethereum price prediction and analyzes whether $ETH could potentially reach $10,000 in 2024.

$ETH Crypto Price Prediction

Ethereum is currently holding a key support level at $2,374, which has attracted smart money and retail investors, resulting in several buybacks. The weekly RSI suggests that Ethereum has maintained strong buying pressure, sitting at around 40, and has not fallen below this level for two years.

Although the coin has seen a 50% correction from its high, this is considered a healthy decline, with price action following textbook patterns, including Fibonacci retracements.

For ETH to reach $10,000, both its price and market cap would need to quadruple, potentially reaching $1.12 trillion, assuming Bitcoin also hits new highs. Previous market patterns and Fibonacci targets suggest Ethereum could realistically reach $11,500, assuming overall market sentiment is bullish.

Furthermore, the launch of Ethereum-focused ETFs and their long-term roadmap could further increase value and make Ethereum's future prospects optimistic, especially for investors seeking to average cost during price declines.

For a detailed analysis of the Ethereum price prediction, watch the video above and subscribe to his YouTube channel. You can also join Jacob Crypto Bury's Discord community of over 26,000 members to get trading tips and insights into upcoming crypto presales.

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