According to several noted crypto analysts, Ethereum, the second-largest cryptocurrency, is well-positioned for a major price surge in the coming months. Despite underperforming Bitcoin’s gains this year, bullish predictions suggest ETH could rally into the five-figure range.
One of the most striking forecasts comes from analyst CryptoYoddha, who predicts Ethereum will soar past $10,000 before the end of 2024. Michaël van de Poppe, another widely followed analyst, shares a similarly optimistic outlook, noting that ETH appears to be in the final stage of its corrective phase, anticipating significantly higher prices within the coming weeks.
These lofty price targets are not just wishful speculation. Coinbase’s latest research report outlines several key factors that could propel Ethereum higher shortly. Notably, ETH lacks major supply-side overhangs like large token unlocks or heavy miner selling that often cap rallies. Instead, staking and layer 2 growth are steadily reducing liquid ETH supply.
Ethereum’s dominant position in decentralized finance (DeFi) also looks secure thanks to the widespread adoption of the EVM and scaling innovations, providing a strong fundamental backdrop for appreciation.
Ethereum: Bullish Catalysts Fueling Potential Breakout
Another huge catalyst that Coinbase believes the market is underestimating is the approval of a U.S. spot ETH ETF. The SEC has key decisions upcoming in late May, and while the initial ones may face rejection, the report suggests litigation could ultimately lead to a reversal. Even just increased odds of this happening could spark bullish speculation.
On the technical front, analysts are also spotting chart patterns that point to a potential breakout ahead. Titan of Crypto notes ETH has already completed a bullish Cypher pattern and bounced cleanly off the key 38.2% Fibonacci retracement support around $2800, which has historically served as a springboard for upward momentum during crypto bull markets.
Additionally, analyst JACKIS highlights Ethereum’s previous spike above $4000 in March as a major structural turning point, signaling the start of a new long-term uptrend. Based on the confluence of technical and fundamental drivers, a retest or break of those highs is a reasonable near-term target for many.
Of course, the path ahead is not without obstacles. Macro headwinds and persistent regulatory uncertainty could still dent sentiment. The SEC’s outright rejection of spot ETFs might spur a knee-jerk selloff. Nonetheless, the balance of evidence is shifting firmly in the bull camp for Ethereum.
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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
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