Ethereum (ETH) emerges as a focus of interest, with remarkably optimistic projections for 2024. A cryptocurrency analyst and trader, recognized in the industry by his pseudonym Credible Crypto, shared with his more than 360 thousand followers on social media X an audacious prediction for ETH. According to him, Ethereum could reach a minimum price of US$10,000 in 2024, representing an impressive increase of more than 343% compared to its current value.
Credible Crypto’s analysis doesn’t stop there. He also presents an even more optimistic scenario, where ETH could reach a peak of $20,000, which would mean an appreciation of around 786%. These projections place Ethereum at a level of attention for investors and sector enthusiasts.
The trader also analyzed Ethereum’s recent price action. After seeing a local bottom around $2,100 earlier in the week, it suggests that a corrective move to around $2,160 is still possible before testing resistance at $2,400. “I think the last sell-off wick has marked our bottom, but at least in the short term I think we could see a little movement lower and a little more range before we are ready for the next leg higher,” he explains.
Some LTF thoughts on $ETH.
Think that last liq wick marked our bottom but at least in the short term think we may see a small move down and a bit more ranging before we are ready fort the next leg up. pic.twitter.com/XY5uoOT9tV
— CrediBULL Crypto (@CredibleCrypto) January 5, 2024
At the same time, blockchain analytics platform Santiment revealed interesting data about the accumulation of Ethereum by large investors, known as whales. The top 150 self-custody wallets now hold a record 56.25 million ETH. At the same time, exchange portfolios record a significant drop, with just 9.46 million ETH in possession, the lowest level since June 2018. This whale behavior, according to Santiment, indicates a strategic accumulation of the second largest digital asset in market value.
The whales’ confidence and Credible Crypto’s analysis signal a promising horizon for Ethereum, reinforcing the perception that 2024 could be a year of significant appreciation for the cryptocurrency.
At the time of publication, the price of ETH was quoted at US$2,246.30, up 0.5% in the last 24 hours.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.