Ethereum (ETH) briefly regained the $3,000 mark, rising 3% on the daily chart and 1.8% on the 14-day chart. However, the price of ETH could not maintain the $3,000 level and fell to around $2,998. The $3,000 level appears to be the immediate resistance level for the second-largest cryptocurrency by market capitalization. ETH also fell by 2.6% month on month.
Also read: Ethereum struggles to hold $3,000 support: What will happen to ETH in May?
The recent rise may be due to lower than expected inflation rates. The US inflation rate rose 0.3% in March, compared to experts' expectations of 0.4%. Investor sentiment may have improved. Nevertheless, the Fed could continue to raise rates for a longer period of time until inflation falls to its 2% target.
Will Ethereum (ETH) hit new highs in 2024?
ETH hit an all-time high of $4,878 in November 2021. However, asset prices have fallen 38.5% from their 2021 peak.
According to Changelly, Ethereum (ETH) could reach a peak price of $4,773.52 in 2024. Achievement of $4,773.52 from current levels would represent approximately 59.2% growth. Nevertheless, this number has not yet reached ETH's all-time high. However, if ETH manages to break above $4,500, it could skyrocket beyond its previous peak.
Also read: Ethereum is in a correction phase: How will ETH conclude in May?
Telegaon is taking a more bullish view on ETH prices this year. The platform expects ETH to reach an all-time high of $5,854.04. Reaching $5,854.04 from current levels would represent approximately 95% growth.
Additionally, the US SEC (Securities and Exchange Commission) may approve spot ETH ETFs (exchange traded funds) later this year. If a spot ETH ETF is approved by the SEC, the adoption of ETH and its price could suddenly skyrocket.
