A Crypto Trader Predicts Ethereum Could Surge by Over 340% in 2024
A well-known cryptocurrency analyst and trader, going by the name Credible Crypto, has shared his bullish outlook on Ethereum (ETH). According to him, Ethereum has the potential to reach a five-figure price this year. Credible Crypto believes that the minimum price target for Ethereum in 2024 could be $10,000, which represents a gain of more than 343% from its current level. Additionally, he suggests that Ethereum’s maximum price target in 2024 could reach $20,000, signifying an upside of approximately 786%.
When analyzing Ethereum’s short-term price action, Credible Crypto states that although the cryptocurrency recently hit a local bottom around $2,100, it might still experience one more corrective move towards $2,160 before attempting to break its resistance at $2,400.
Ethereum Whales Accumulate as Price Rises
The blockchain analytics platform Santiment reveals that Ethereum whales are accumulating the digital asset at a rapid pace. Self-custody wallets held by the top 150 whales now contain a record-breaking 56.25 million ETH. Meanwhile, exchange wallets hold their lowest amount of ETH since June 2018, standing at 9.46 million. In total, the top 150 whales own an all-time high of 65.71 million ETH across both exchange and non-exchange wallets.
Current Price of Ethereum
At the time of writing, Ethereum is trading at $2,255.
Hot Take: Ethereum’s Potential for Significant Growth
According to Credible Crypto’s analysis and the accumulation of ETH by whales, Ethereum shows promise for substantial growth in the coming years. With a minimum price target of $10,000 and a maximum price target of $20,000 by 2024, Ethereum could experience gains of over 340% to nearly 800%. As Ethereum continues to gain popularity and attract more investors, its price trajectory remains a topic of interest in the crypto community.
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