Technical price indicators suggest that Ether could reach $5,400 in 2024, helping traders assess the market situation of the cryptocurrency.
Author binhdangg, verified by CryptoQuant, announced the findings in a post on X. According to the Mayer Multi-Oscillator, a ratio based on the comparison of Ether's current price and its 200-day moving average (MA), in a high-risk scenario Ether could reach a stock price of $5,400.
Ether price could rise to the upper end of the index, but Bitfinex analysts said this could happen at a price significantly higher than $5,400. The price of Ether is currently trading above $3,400, approximately 27% below its all-time high of $4,891 on November 16, 2021, according to data from CoinMarketCap.
More than half of market participants believe Ether will reach its all-time high in 2024, up from 45% a month ago, according to predictions from prediction market Polymarket.
The intrinsic value of the Dencun upgrade suggests that the ETH/BTC pair could reach bull market highs in 2021. Bitfinex analysts claim, “This means that based on the current BTC market price, the approximate value of Ether is $5,900.” Again, by the time the ETH/BTC ratio reaches this level, we expect the BTC price to be higher than its current level. ”
The event most likely to impact Ether's short-to-medium term price movement is the potential approval of a spot exchange-traded fund (ETF).
John Lo, founder of Recharge Capital, believes that regulatory oversight by the SEC will become more stringent and approval of the Ether ETF is not as certain as the approval of the Bitcoin ETF in the past.
The SEC postponed its decision on the VanEck ETF until May 23, and also postponed the HashDex and ARK 21Shares Spot Ether ETFs to late May.
Also read: Hester Peirce suggests easier path to Ether ETF approval
