Ether‘s price is on track for a significant increase, potentially hitting the $5,400 mark in 2024, according to a well-regarded technical indicator.
This prediction comes from an analysis using the Mayer multiple oscillator, which compares Ether’s current price to its 200-day moving average.
This insight, provided by CryptoQuant-verified author Binhdangg, was shared in a post on March 21.
The Mayer multiple oscillator indicates that Ether might not only reach but possibly exceed $5,400 in a high-risk scenario.
Bitfinex analysts have elaborated on this projection, stating, “We expect it to reach oversold condition this year based on the fact that there is a cyclical behavior of the asset to oscillate between the overbought and oversold bands of the indicator.
However, this is a dynamic moving average-based deviation, and the upper band may be far above the $5,400 level by the time the price reaches those levels.”
Presently, Ether is trading above $3,500, marking a 27% gap from its all-time high of $4,891 recorded on November 16, 2021, as per CoinMarketCap data.
Market sentiment is increasingly optimistic, with over 62% of participants now expecting Ether to revisit its all-time high within 2024, a significant jump from 45% just a month prior, based on Polymarket odds.
The anticipation surrounding Ether’s value is also buoyed by the potential impacts of the Dencun upgrade on the ETH/BTC ratio, hinting at a possible climb to $5,900 for Ether, considering the current BTC market price. Bitfinex analysts suggest that the BTC price could rise by the time Ether reaches this significant level.
A crucial factor that might influence Ether’s price trajectory in the short to medium term is the potential approval of a spot Ether exchange-traded fund (ETF).
This event is highly anticipated but comes with uncertainties regarding regulatory scrutiny, especially from the SEC. John Lo, founder of Recharge Capital, noted that the approval process for an Ether ETF might face more challenges compared to previous Bitcoin ETF approvals.
The SEC has delayed its decisions on ETF applications from VanEck, Hashdex, and ARK 21Shares, with final decisions expected by late May.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
