Ethereum Price Prediction: Could ETH Hit $10,000 in the Next Bull Run?
Ethereum (ETH) has been on a tear lately, and some analysts believe it could be poised for a major surge in the coming months.
Julien Bittel, CFA, has pointed to striking similarities between ETH’s price action in 2023 and its current trajectory, suggesting that the second-largest cryptocurrency could be heading towards a price target of $7,000 to $10,000 by January 2025. This would represent a significant jump from its current price and surpass its all-time high of $4,891.
Supporting this optimistic outlook is the fact that whales are actively accumulating ETH. Santiment data reveals a significant increase in ETH held by top addresses since March 2024, currently standing at 44.1%. This accumulation, coupled with the decreasing ETH supply on exchanges, indicates that large investors are confident in ETH’s future growth.
However, it’s worth noting that the Ethereum Foundation has been selling ETH throughout 2024, potentially adding supply pressure to the market. While the sales could trigger a temporary pullback, analysts believe that ETH is likely to recover its bullish momentum in the long run.
Looking at the technical picture, ETH is facing some resistance around its 50-day Exponential Moving Average (EMA). However, a crucial support level exists at $2,100, supported by the 61.8% Fibonacci retracement and an ascending trendline that has held since June 2022. Historically, rebounds from this support level have resulted in significant gains for ETH.
Key Takeaways
- ETH’s price action resembles its 2023 rally, suggesting a potential surge to $7,000 to $10,000 by early 2025.
- Whales are accumulating ETH, while the supply on exchanges is decreasing, signaling confidence in its future growth.
- The Ethereum Foundation’s ongoing ETH sales could create temporary volatility, but the long-term bullish trend is expected to continue.
- ETH faces resistance at the 50-day EMA, but strong support exists at $2,100, a level from which ETH has previously rallied.
Remember, this is just a prediction. Before making any investment decisions, do your research and understand the risks involved.
