Will Ethereum (ETH) price reach $10,000 by the end of 2024? The analyst thinks

TL;DR

• ethereum price recently surpassed $3,000, and analysts are predicting significant further gains.
• The decline in the MVRV index, negative net exchange flow, and the possible approval of an ethereum spot ETF in the US could increase the value of eth.

Is eth preparing for an ATH?

The cryptocurrency market has seen a major bullish trend in recent days, with numerous digital assets hitting multi-week highs. Although it has not witnessed such a substantial rise, ethereum (eth) is also among the notable gainers.

Its price surpassed the $3,000 mark, representing an increase of 4% on a daily basis. Many analysts believe that this could be the starting point of a bull run that could take place in the near future.

x user Michael van de Poppe is among the optimists. He twitter.com/CryptoMichNL/status/1790629434707284219″ data-wpel-link=”external” target=”_blank”>reclaimed Recently, eth is on track to reach a higher term support level. “In a few weeks the good times will come,” she supposes.

CryptoYoddha was even more optimistic, twitter.com/CryptoYoddha/status/1790111597559492645″ data-wpel-link=”external” target=”_blank”>imagining a price explosion towards the $10,000 milestone by the end of the year.

Last but not least, World of Charts twitter.com/WorldOfCharts1/status/1790900118876533182″ data-wpel-link=”external” target=”_blank”>argument

Observe some important factors

One element that indicates that the value of eth could be on the verge of a rally is the market to realized value (MVRV). It helps identify whether the asset is overvalued or undervalued. A high ratio suggests a market top, while a low one may indicate a good buying opportunity. The MVRV has been on. a significant drop since mid-March.

Another factor is the net eth exchange flow, which has been predominantly negative in the last month (according to CryptoQuant data). eth/chart/exchange-flows/exchange-netflow-total?exchange=spot_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=column” data-wpel-link=”external” target=”_blank”>Changing Moving from centralized platforms to self-custody methods is considered bullish as it reduces immediate selling pressure.

Last but not least, the price of eth may rise in case an ethereum spot ETF is approved in the United States. However, such a green light may also lead to the same immediate “selling the news” event seen after the btc ETF approvals in January.

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