Ethereum (Eth) Price Could Reach This Level Throughout The Year.

Based on on-chain data and several crypto analysts, it is predicted that the price of Ethereum (ETH) could reach the level of $5,400 in the year 2024.

A technical price indicator used by traders predicts that the price of Ether could reach up to $5,400 in the year 2024. This forecast is based on the Mayer Multiple oscillator, which compares Ether's current price to its 200-day moving average (MA). This analysis was shared by CryptoQuant-verified author Binhdangg in a post on X on March 21.

Bitfinex analysts stated in their comments to Cointelegraph that while the Ether price indicator could reach the upper band, it could surpass $5,400:

"Based on the cyclical behavior of assets oscillating between overbought and oversold bands, we expect it to reach oversold status this year. However, this dynamic is a deviation based on the moving average, and when the price reaches these levels, the upper band could be well above $5,400." According to CoinMarketCap data, the ETH price is currently trading above $3,500 and is approximately 27% away from its all-time high of $4,891 on November 16, 2021.

According to the odds on the Polymarket prediction market, more than 62% of market participants anticipate that Ether will reach its all-time high in 2024, compared to 45% a month ago.

Based on statements from Bitfinex, the ETH/BTC ratio could reach the peaks of the 2021 bull market thanks to the fundamental values provided by the Dencun upgrade. Bitfinex analysts state: "This could mean approximately $5,900 for Ether based on the current BTC market price. When the ETH/BTC ratio reaches these levels, we can expect the BTC price to be higher than current levels."

One of the most significant developments that could have a major impact on the short and medium-term price trajectory of Ether is the potential approval of a spot Ether exchange-traded fund (ETF). According to John Lo, the founder of Recharge Capital, approval of an Ether ETF, which is less certain than previous Bitcoin ETF approvals, may require more regulatory scrutiny from the SEC.

The U.S. Securities and Exchange Commission (SEC) postponed its decision on VanEck's ETF application until May 23. The commission also delayed its decision on spot Ether ETF applications from Hashdex and ARK 21Shares on March 19. Both ETF applications are expected to be decided by the end of May.

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