Analyst: Ethereum price target reaches $5,400 in 2024

Author: Zoltan Vardai, CoinTelegraph; Compiler: Deng Tong, Golden Finance

Based on technical price indicators used by traders to assess whether cryptocurrencies are overbought or oversold, Ethereum price may reach the $5,400 mark in 2024.

Ethereum price may exceed $5,400 in 2024

According to Mayer Multiple Oscillators, in a high-risk scenario where ETH could move above $5,400, the ratio is based on comparing ETH’s current price to its 200-day moving average (MA). Author Binhdangg, verified by CryptoQuant, shared the analysis in a March 21 post.

ETH Mayer multiple charts. Source: Binhdangg

Bitfinex analysts noted that Ethereum price may reach the upper limit of this indicator, but it may be well above $5,400:

“We expect it to reach oversold status this year, as the asset has cyclical behavior that fluctuates between overbought and oversold ranges on indicators. However, This is a deviation based on a dynamic moving average, and when the price reaches these levels, the upper limit may be well above the $5,400 level."

According to data from CoinMarketCap , Ethereum price is currently trading above the $3,500 mark, approximately 27% away from the all-time high of $4,891 set on November 16, 2021.

ETH/USDT, historical chart. Source: CoinMarketCap

According to odds from prediction market Polymarket, More than 62% of the market participated Investors expect ETH to reach an all-time high in 2024, up from 45% a month ago.

ETH/BTC ratio will reach 2021 bull market highs - Bitfinex

Based on the fundamental appreciation brought about by the Dencun upgrade, the ETH/BTC currency pair may reach 2021 bull market highs. Bitfinex analysts said: "Based on the current BTC market price, this means that ETH is worth about $5,900. Likewise, we can expect that when the ETH/BTC ratio reaches this level, the BTC price will above current levels.”

The potential approval of an Ethereum spot exchange-traded fund (ETF) is the most An anticipated event that may affect Ethereum’s short- to medium-term price trajectory.

Recharge Capital founder John Lo said that The approval of the Ethereum ETF is not as good as With previous Bitcoin ETF approval so certain, he expects more regulatory scrutiny from the SEC.

The U.S. Securities and Exchange Commission has postponed a decision on the VanEck ETF application until May 23. It also postponed its March 19 decisions on the Hashdex and ARK 21Shares Spot Ethereum ETFs. Final decisions on applications for both ETFs are due in late May.