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A technical price indicator suggests that Ether could hit $5,400 in 2024, aiding traders in evaluating cryptocurrency’s market conditions.
Author binhdangg, who has been authenticated by CryptoQuant, presented the findings in a post on X. According to the Mayer multiple oscillator, which is a ratio based on comparing Ether’s current price with its 200-day moving average (MA), Ether might hit $5,400 in the high-risk scenario.
The price of ether may rise to the upper band of the indicator, but Bitfinex analysts said that this may happen at a price considerably higher than $5,400. According to CoinMarketCap data, the price of ether is presently trading above $3,400, some 27% below its all-time high of $4,891 hit on November 16, 2021.
Predictions by predictions market Polymarket show that more than half of market players believe Ether will hit its previous all-time high in 2024, a change from 45% a month ago.
The Dencun upgrade’s intrinsic value suggests that the ETH/BTC pair may hit bull market highs in 2021. Analysts at Bitfinex claim, “This would mean an approximate value of $5,900 for Ether based on the current BTC market price. Again, we can expect the BTC price to be higher than current levels by the time this level on the ETH/BTC ratio is reached.”
The event that is most likely to impact Ether’s short- to medium-term price trend is the possible approval of a spot exchange-traded fund (ETF).
John Lo, the founder of Recharge Capital, believes that there will be more regulatory scrutiny from the SEC and that the approval of an Ether ETF is less assured than the approval of Bitcoin ETFs in the past.
SEC delays decision on VanEck ETF to May 23, also postpones Hashdex and ARK 21Shares spot Ether ETFs to late May.
Also Read: Hester Peirce Hints at Easier Path for Ether ETF Approvals
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