Ether Price Breakout Expected: Will Ether Hit New Highs in 2024?
Ether Price Surge – Ether’s (ETH) price is currently undergoing “structural changes”, according to market analysts, signaling that a major price movement could be imminent. Some crypto commentators are speculating that the Ethereum token may retest its all-time high of $4,878, a level it reached in November 2021, within the next week.
Ether’s Upcoming Price Surge: A Seven-Day Window?
Ryan Adams, host of the Bankless podcast, mentioned in a Dec. 9 post on X (formerly Twitter) that a new all-time high for Ether could potentially happen within the next seven days. Ether is currently priced at $3,946, and to hit a new peak, it would need to gain 24% within the week, based on data from CoinMarketCap.
Structural Changes and ETF Flows Fuel Optimism
Prominent pseudonymous trader Pentoshi also weighed in on the recent developments in Ether’s price, saying that Ether is undergoing “structural changes,” along with the beginning of consistent and large ETF (Exchange-Traded Fund) flows. Pentoshi pointed out that Ether recently recorded its “highest weekly close of the year,” indicating strong bullish momentum. He echoed Adams’ view that Ether might retest its all-time high sooner than many traders expect, suggesting there is little resistance left before reaching that level.
“There is not much resistance from here to ATH, which should act as a magnet. Above that is clear skies,” Pentoshi added in his X post. Other traders, including Poseidon, have expressed similar optimism, suggesting Ether may soon break free from its long-established price range.
Ether Breaks the $4,000 Mark
Recently, Ether surpassed the $4,000 mark for the first time in nine months, reigniting excitement among investors. Poseidon commented that ETH is on the verge of breaking out of its 1,460-day price range, suggesting significant upward movement ahead. “ETH is about to break out,” Poseidon stated in a Dec. 9 X post.
End of ETH/BTC Underperformance?
Analysts have also noted that Ether’s underperformance against Bitcoin (BTC) might be nearing its end. Benjamin Cowen, founder of Into The Cryptoverse, shared on Dec. 4 that he believes the ETH/BTC collapse is “over or nearly over,” predicting that Ether could outperform Bitcoin in the coming 6-12 months.
As these developments unfold, all eyes will be on Ether’s price movement, with traders watching closely to see if it can break past its all-time high and enter a new bullish phase.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
Leave a comment