Key Ethereum price metric targets $5.4K ETH in 2024

The NFT Unicorn 568368f7-0f36-461a-9012-bcfdd9366ad2 Key Ethereum price metric targets $5.4K ETH in 2024 Crypto News

Ether price could reach the $5,400 mark in 2024, according to a technical price indicator used by traders to assess whether a cryptocurrency is overbought or oversold. 

Ether price could surpass $5,400 in 2024

Ether (ETH) could surpass $5,400 in the high-risk scenario based on the Mayer multiple oscillator, which is a ratio based on comparing Ether’s current price with its 200-day moving average (MA). The analysis was shared by CryptoQuant-verified author Binhdangg in a March 21 X post.

ETH Mayer multiple chart. Source: Binhdangg

Ether price could reach the upper band of the indicator, but that could be much higher than $5,400, Bitfinex analysts told Cointelegraph:

“We expect it to reach oversold condition this year based on the fact that there is a cyclical behavior of the asset to oscillate between the overbought and oversold bands of the indicator. However, this is a dynamic moving average-based deviation, and the upper band may be far above the $5,400 level by the time the price reaches those levels.”

Ether’s price is currently trading above the $3,500 mark, around 27% away from its all-time high of $4,891 reached on Nov. 16, 2021, according to CoinMarketCap data.

The NFT Unicorn 3045cf47-4705-4b05-97c1-4a3cfe0bb256 Key Ethereum price metric targets $5.4K ETH in 2024 Crypto News
ETH/USDT, All-time chart. Source: CoinMarketCap

Over 62% of market participants expect Ether to reach its previous all-time high in 2024, up from 45% a month ago, according to odds by predictions market Polymarket.

Related: Ether at $3,100 could liquidate $212M worth of leveraged long positions

ETH/BTC ratio to reach 2021 bull market highs: Bitfinex

Based on the fundamental value added by the Dencun upgrade, the ETH/BTC pair could reach 2021 bull market highs. According to Bitfinex analysts:

“This would mean an approximate value of $5,900 for Ether based on the current BTC market price. Again, we can expect the BTC price to be higher than current levels by the time this level on the ETH/BTC ratio is reached.”

The potential approval of a spot Ether exchange-traded fund (ETF) is currently the most anticipated event that could influence Ether’s short- to medium-term price trajectory.

The approval of an Ether ETF is less certain than the previous approval of Bitcoin ETFs, according to Recharge Capital founder John Lo, who expects more regulatory scrutiny from the SEC.

Related: Who is ‘Mr. 100’? Mysterious Bitcoin whale becomes 14th-biggest BTC holder

The United States Securities and Exchange Commission has pushed its decision on VanEck’s ETF application to May 23. It also postponed its decision on the Hashdex and ARK 21Shares spot Ether ETFs on March 19. Both ETF applications have a final deadline for a decision in late May.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.



Source: Cointelegraph