Ethereum’s Potential Surge in 2024: Predictions and Analysis by Crypto Analyst Lark Davis
Crypto News – As of now, Ethereum, the world’s second-largest cryptocurrency, has been trailing its counterparts throughout the year. However, a significant shift might be on the horizon in 2024, as forecasted by a noted analyst.
Crypto influencer Lark Davis, in a statement on December 26, projected a promising future for ETH, suggesting it “is poised to create a wave of new millionaires in 2024.” Davis emphasized that the most significant gains are likely for early investors who purchased ETH at lower prices and have since staked their holdings. In contrast, current entrants to the market, facing Ethereum’s trading price exceeding $2,000, may face challenges in achieving substantial returns without significant investment.
Davis highlighted the lucrative potential in trading Ethereum’s layer-2 assets. He pointed to several current and forthcoming layer-2 projects like zkSync, Starknet, Linea, Scroll, Blast, Manta, and Celestia. According to him, these new listings could be particularly profitable in the short run.
While new tokens often exhibit initial volatility, with patterns resembling pump-and-dump due to airdrop hunters, some have shown promising trends post-listing on major exchanges.
For ETH holders, Davis remains optimistic about 2024. By analyzing Ether’s performance in previous cycles, he predicts a buoyant next bull cycle in 2024 and 2025. With Ethereum breaking past the resistance level of $2,150, he anticipates “significant movements ahead.”
Davis speculates that if ETH mirrors its previous peak gains, or even slightly less, it could potentially reach around $15,000 per coin. This projection is based on a hypothetical 200% increase from its previous high of about $4,880 in November 2021.
For current buyers, Davis sees a potential for a 500-600% gain, considering it a “comparatively low-risk wager in the crypto landscape.”
Despite recent underwhelm in community sentiment, Ethereum maintains robust fundamental strengths.
Ethereum Price Analysis: Current Trends and Future Outlook
Currently, the crypto markets are witnessing a downturn in Asia, leading to a 2% drop in Ethereum prices, settling at $2,223. Furthermore, the cryptocurrency has experienced a 6.8% decline from its 2023 peak of $2,385 on December 9. With solid support around $2,150, ETH might stabilize in this range as the market cools down.
Despite the current lull, there is strong confidence in Ethereum’s performance in the upcoming bull cycle, even as it navigates through some short-term challenges.
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