Ethereum Has the Potential to Reach $5,400 in 2024 Suggests Indicators

In a scenario where the cryptocurrency market has been falling for the last 7 days, Ethereum, the second largest cryptocurrency by market capitalization, emerges with promising prospects. A recent analysis, anchored on the Mayer Multiple oscillator – a technical indicator that is based on the relationship between the current price and the 200-day moving average – suggests an upward trajectory for Ethereum, which could surpass the US$5,400 mark later this year.

At the time of analysis, Ethereum trades at US$3,390, after a retraction more than 10% in its value in the last week. This downward movement is part of a broader trend of slowdown in the cryptocurrency market, which also impacted Bitcoin, after it retreated from a new historical peak above US$73,400 to approximately US$62,800.

High risk #Ethererum price is showing 5.4K.
This chart applies the Mayer Multiple Oscillator to #ETH.

Ethereum’s recent volatility can also be attributed to regulatory moves in the United States. The U.S. Securities and Exchange Commission (SEC) has been investigating Ethereum’s classification as a potential security, a move that introduces uncertainty regarding the approval of spot Ethereum exchange-traded funds (ETFs) this year. The SEC investigation, which requests documents and financial records from companies linked to the Ethereum Foundation, gained momentum following the network’s transition to the Proof-of-Stake model in September 2022.

Paul Grewal, chief legal officer at Coinbase, openly criticized the SEC investigation, defending Ethereum’s position in the crypto market since 2015. “Millions of Americans own ETH,” Grewal emphasized, refuting the possibility of questions about Ethereum’s status. Furthermore, he recalled previous statements from SEC officials such as William Hinman and SEC Chairman Gary Gensler himself, who, at different times, classified Ethereum more as a commodity than a security.

This panorama paints a scenario of cautious optimism for Ethereum, suggesting that, despite regulatory challenges and market volatility, there is significant upside potential in sight.

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