Ether Price May Surpass $5,400 in 2024, Indicates Technical Indicator
According to a technical price indicator used by traders to determine if a cryptocurrency is overbought or oversold, the price of Ether (ETH) could potentially reach $5,400 in 2024. This analysis, based on the Mayer multiple oscillator, which compares Ether’s current price with its 200-day moving average (MA), was shared by CryptoQuant-verified author Binhdangg in a post on March 21.
The Mayer multiple chart shows that Ether’s price has the potential to reach the upper band of the indicator, which could exceed $5,400. Bitfinex analysts also stated that the price could go even higher.
Currently, Ether is trading above $3,500, which is about 27% below its all-time high of $4,891 reached on November 16, 2021, according to CoinMarketCap data.
Furthermore, over 62% of market participants anticipate that Ether will reach its previous all-time high in 2024, an increase from 45% just a month ago, as reported by predictions market Polymarket.
Bitfinex analysts suggest that the ETH/BTC ratio could reach the highs seen during the bull market in 2021, thanks to the fundamental value added by the Dencun upgrade.
However, the approval of a spot Ether exchange-traded fund (ETF) remains uncertain and is currently the most anticipated event that could impact Ether’s short- to medium-term price trajectory. Recharge Capital founder John Lo believes that the SEC will scrutinize Ether ETFs more closely than it did with Bitcoin ETFs.
The decision on VanEck’s ETF application has been postponed by the United States Securities and Exchange Commission to May 23, while the decisions on the Hashdex and ARK 21Shares spot Ether ETFs have also been delayed until late May.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment or trading decisions.