The Ethereum price has experienced a slight decrease in the past few days, surpassing the $2,200 mark once again. This indicates that the performance of the ETH token has consistently outpaced that of Bitcoin. Could this be an indication that the Ethereum trajectory might experience a significant surge within the next 12 months? Is a $10,000 Ethereum price plausible in the year 2024? Let’s take a look at this Ethereum price prediction 2024 article in more detail.
How has the Ethereum price moved in recent days?
As of now, the Ethereum price stands at $2,246.13, accompanied by a 24-hour trading volume of $38.32 billion. Ethereum’s market cap is $269.95 billion, and it holds a market dominance of 16.18%. Over the last 24 hours, the ETH price has seen a 0.48% increase. In the last seven days, the ETH price has decreased by -4.42%.
On November 10, 2021, Ethereum achieved its highest price of $4,867.17, while its lowest price was recorded on October 21, 2015, at $0.420897. The lowest price since its all-time high was $897.01 (cycle low), and the highest ETH price since the last cycle low reached $2,448.66 (cycle high). Currently, the sentiment for Ethereum’s price prediction is neutral, and the Fear & Greed Index registers 72 (Greed).
With a circulating supply of 120.18 million ETH, Ethereum has a current yearly supply inflation rate of -1.79%, indicating that -2.19 million ETH were created in the last year. In the market cap ranking, Ethereum holds the top position in the Proof-of-Stake Coins sector and is ranked second in the Layer 1 sector.
Can the Ethereum price rise?
Over the past year, Ethereum (ETH) has exhibited robust performance, witnessing a remarkable 79% increase in its price. Impressively, it outpaced 53% of the top 100 cryptocurrencies during this period, demonstrating its strength within the volatile crypto market. Trading consistently above the 200-day simple moving average signifies a sustained positive trend. The coin boasts high liquidity, as reflected in its substantial market capitalization.
However, recent market trends reveal a degree of volatility, with only 14 green days in the last 30 days, accounting for 47% of the observed period. Moreover, ETH currently stands at a -54% decline from its all-time high, highlighting the challenges the cryptocurrency has faced in maintaining its peak valuation. These multifaceted indicators underscore the dynamic nature of Ethereum’s journey in the crypto landscape.
Will the ETH Price Hit $10,000 in 2024?
Over the long term, positive trends, such as the circulating rumors surrounding a potential Ethereum Exchange-Traded Fund (ETF) by BlackRock, have the potential to significantly influence and drive the price of Ethereum (ETH) higher. The introduction of an ETF, particularly from a financial heavyweight like BlackRock, could enhance Ethereum’s accessibility and appeal to a broader range of investors.
Such a development might instill confidence in the market, attracting institutional and retail investors alike, and potentially leading to increased demand for Ethereum. Positive sentiments surrounding strategic financial instruments often contribute to sustained upward momentum in the cryptocurrency market. As these rumors persist, they may act as a catalyst for increased adoption and investment, fostering a positive trajectory for Ethereum’s price in the long run.
There is a possibility of another substantial surge in Ethereum’s price in the upcoming months. Ethereum shares similar bullish factors with Bitcoin. The reduction in Bitcoin’s supply due to the Bitcoin Halving and the potential introduction of spot ETFs could lead to a substantial increase in demand, potentially influencing Ethereum’s price positively.
Presently, the Ethereum price appears to be intricately connected to the fluctuations in the Bitcoin market, possibly more than ever. In the event of a significant surge in Bitcoin prices, there is a likelihood that the Ethereum value could experience a delayed but notable increase. Moreover, the introduction of an Ethereum Exchange-Traded Fund (ETF) has the potential to contribute to additional upward momentum in the Ethereum price.
Nevertheless, a projection for the Ethereum price in 2024 doesn’t currently indicate a value of $10,000. However, a surge to $5,000, surpassing its previous all-time high, could be plausible in a bullish cryptocurrency market over the next 12 months.