As an experienced analyst, I have closely followed the cryptocurrency market for several years. The recent price correction of Ethereum (ETH) from its all-time high has raised concerns among some investors about its future prospects. However, based on my analysis and the insights shared by industry participants like Jelle and Ali Martinez, I remain bullish on Ethereum’s potential to reach $5,000 by the end of 2024.
TL;DR
- Despite a recent price decline, analysts expect Ethereum to reach $5,000 by the end of 2024, driven by strong support at $3,500.
Key metrics like a low RSI and increased self-custody movements suggest a potential rally for ETH.
New ATH Incoming?
Ethereum (ETH), similar to other prominent cryptocurrencies, experienced a sharp correction at the beginning of June, halting its upward trend. At present, it is valued slightly above $3,500 according to CoinGecko’s statistics, indicating a 7% decrease over a two-week period.
As a crypto investor, I’ve noticed some industry players maintaining a positive outlook for Ethereum (ETH). They believe that we might witness a new all-time high price before 2024 ends. For instance, there’s an active user named Jelle in the community who thinks that ETH has “flipped” the $3,500 resistance level into support. Consequently, I anticipate a potential rally towards the elusive $5,000 mark during this year.
$ETH successfully turned $3,500 into support!
As a researcher, I’ve come across the belief that only a small number of individuals are prepared for Ethereum (ETH) to reach new record highs this year, but based on current trends and market analysis, it seems quite plausible that ETH could surpass its previous all-time high of $5,000.
Let’s roll.
— Jelle (@CryptoJelleNL) June 17, 2024
Ali Martinez also contributed to the discussion, revealing that whales have bought approximately 700,000 ETH within the past three weeks, translating to an impressive $2.48 billion (based on current Ethereum prices). This substantial purchase decreases the amount of Ethereum available on exchanges, potentially triggering a price surge if demand remains constant or increases.
Analyst Wolf is among those who have expressed optimism about the second-largest cryptocurrency’s market capitalization. According to Wolf’s perspective, this digital currency has been exhibiting bullish trends since the start of the year. They anticipate increased volatility in the upcoming months and a subsequent strong rally, potentially reaching $5,000 by the end of Q3 2024.
What are Indicators Signaling?
The indicators relating to on-chain activity, including the Relative Strength Index (RSI) and Ethereum’s exchange flow, suggest that the value of this asset may experience significant growth in the near future.
The RSI, a technical analysis tool that measures the change and speed of price movements, has not dropped below a ratio of 70 since May 23. Anything above that level signals that ETH is overbought and could be headed for correction.
Ethereum exchange inflows have markedly outpaced inflows seen over the past month, with many days witnessing this trend. This transition from relying on centralized entities to self-custody is perceived as positive as it reduces the immediate urge to sell.
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2024-06-17 13:56