HomeNewsEthereum Price Analysis: On-Chain Data Supports $5.4K ETH Projection for 2024

Ethereum Price Analysis: On-Chain Data Supports $5.4K ETH Projection for 2024

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  • Over the years, Ethereum prices have had cycles of volatility, with astronomical rises and monumental falls since 2015.
  • Spot Ether ETFs and network upgrades like Dencun could push the price into new ranges.

Ethereum’s 2024 price projection suggests a possible target of $5,400, according to analysis supported by on-chain data and the use of the multiple Mayer oscillator .

This indicator compares Ethereum’s current price to its 200-day moving average, suggesting a high-risk scenario where Ethereum’s value could exceed $5,400.

Source: Binhdangg

This analysis, shared on March 21 by analyst Binhdangg on X, paints a bullish outlook for Ethereum amid its current trade above $3,500.

According to the verified CryptoQuant author, Ethereum is positioned to hit the upper band of this indicator, with predictions even suggesting a rise beyond $5,400 in a high-risk scenario.

Source: Tradingview

Ethereum, which hit an all-time high of $4,891 on Nov. 16, 2021, shows an increase in investor confidence, with a Polymarket survey indicating that more than 62% expect Ethereum to reach or surpass its previous high in 2024, up from 45% the previous month.

Source: Polymarket

What levels can you watch if ETH declines?

Ethereum has shown strength by initiating a recovery wave that started from the $3,300 area. Trading above $3,400 and holding above the 100-Hour Simple Moving Average, it is clear that the bulls have taken the reins of the market.

Source: Tradingview

Turning our attention to the hourly chart, there is a breakout above a short-term bullish flag pattern at $3,400 resistance. This condition suggests that Ethereum could climb higher if it manages to break above $3,500 resistance.

Source: Traginview

The current price of Ethereum (ETH-USD) as of press time is $3,493.09, having experienced a 1.74% drop at the time of the last update. Ethereum has shown fluctuation in its value, with a 52-week range between $1,523.24 and $4,092.28, indicating considerable volatility in its price over the past year .

Trading volume in the last 24 hours has been $20,092,172,288, reflecting a high level of activity in the market.

Source: Coinmarketcap

ETF Applications

Recent postponements of decisions on the VanEck, Hashdex and ARK 21Shares applications highlight the regulatory hurdles facing Ethereum. However, these decisions, expected by the end of May, could have far-reaching implications for Ethereum’s market position.

Johnsson suggests that this SEC action could be motivated by lawsuits over disagreements between senators, including Democratic Senators Jack Reed and Laphonza Butler. These lawmakers have called on SEC Chairman Gary Gensler to suspend approval of new exchange-traded funds (ETFs).

A theory emerges that the SEC could use this investigation as justification to reject Ethereum spot ETFs, arguing that the strategy of relying solely on a lack of correlation may not be sustainable in the long run, you can read more about it here on ETHNews.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: [email protected] Phone: +49 160 92211628