Many analysts believe that soon the price of Ethereum may reach $6,000, and this positive expectation is based on recent changes in regulations, market trends, and technical analysis. Cryptocurrency market has recently entered a historically bullish period with increased market activity during October 2024, which is referred to as "Uptober."
Currently, Ethereum is trading between $2,800 and $3,500 and has all the potential to set a new all-time high. While not a confirmed trend, this is following the same pattern as previous years when most cryptocurrencies tend to surge and go highly volatile during this time.
According to CryptoQuant analyst Burak Kesmeci, a large withdrawal of over $1.3 billion worth of ETH in one hour at 543,000 ETH was reported on October 25, 2024. Institutional activities have been reflected through these giant withdrawals, which is an exit towards long-term holding.
The exit of a recent outflow of 681,100 ETH worth approximately $1.8 billion that has exited Coinbase supports the Ethereum hypothesis drawing more institutions.
The rally to $6,000 in Ethereum may be driven by a shift in investments from competitors like Bitcoin (BTC) and Solana. ETH is trading near all-time ascending trendline support against Bitcoin, which is coupled with an oversold RSI, setting up a good opportunity for a rebound.
If this continues, Ethereum could recover. It benefits from increasing institutional interest and positive technical trends. These factors will strengthen its market position and boost investor confidence.
This time, following an optimistic approval decision by the US Securities and Exchange Commission regarding spot Ethereum exchange-traded funds, investors expect it to be much higher going into the third quarter of this year. Most of these approvals prove healthy and bullish which usually depict institutional interest.
Most analysts feel that this inflow shall bring in much new money, and these expectations of a 60 per cent minimum above $6,000 indicate further price. For their side, Standard Chartered was even more optimistic; while it views a short-term goal of $8,000 before the end of 2024 and views another chance of $14,000 in 2025.
A source from Binance claimed that the price of Ethereum rose by 27 per cent two weeks before the ETF approval. They argued that investors were optimistic about the ETF and were already positioning themselves for high profits. This shows positive overconfidence in Ethereum's future exchange rates.
On October 21, 2024, CoinDCX reported that Ethereum has a market cap of $328 billion and a 24-hour trading volume of $17.4 billion. The market appears to be in a positive sentiment as indicated by the Fear-Greed Index score of 72 (Greed), which means investors are becoming more confident.
This is further supported by 16 days of price rises in the last month, which indicates the strength of Ethereum and growing interest from the investment community.
Ethereum recently emerged from a falling wedge chart pattern, which is indicative of a bullish reversal. The coin is trading close to the R1 Fibonacci pivot and hence has an upward momentum. It is still trading below the 200-day Exponential Moving Average (EMA).
Hence, the short-term as well as long-term trend is mixed. There is positive growth in the price. However, investors need to be careful because of resistance by the 200-day EMA.
The current price of Ethereum is $2,483.81, as of 28th October 2024, by Crypto NewsZ, with the Fear and Greed index at 55, indicating a neutral investor sentiment. If ETH maintains a price above $3,000, then our prediction for 2024 suggests it could break through $4,097. For 2025, we expect a range between $4,559 to $6,563.
Though at 32% below the all-time high, ETH is showing resilience around $3,000, which signifies a very strong support area and good investment opportunities amid the volatility of the market.
Ethereum has shown good upward trends in 2024. It is likely to increase in price further. With continuous bullish pressure, bearish pressure may remain low until a new yearly high is reached. ETH may still reach the key price point of $10,000 in the remaining part of the year.
Still, bearish activity will likely push for a minimal pullback toward the year's end in the range of $4,800-$5,200 while showing Ethereum's ability to bounce back with big moves.
The growth prospects for Ethereum in 2024 are strong. Favourable market sentiment, deep institutional involvement, and technical signals point to upward movement. Although the cryptocurrency experiences ups and downs, positive signs like ETF approvals and large amounts of money moving out of exchanges suggest a stable base for future price increases.
Forecasts indicate that Ethereum could reach record-breaking levels. It remains a promising investment choice in the changing crypto market. Investors should consider it with cautious optimism.