Ethereum Experts Predict a Year-End Surge to $10,000
Analysts are predicting a significant increase in the value of Ethereum (ETH), suggesting that the cryptocurrency could reach $10,000 by the end of the year.
CryptoYoddha, an analyst with a large following on X, has pointed out Ethereum’s historical cyclical accumulation trend, which has previously resulted in significant price spikes. He highlighted a pattern observed between 2018 and mid-2020, where Ethereum accumulated for approximately 700 days before experiencing a dramatic increase from around $300 to over $4,800 in 2021. According to CryptoYoddha, Ethereum is currently in a similar accumulation phase, and if it follows the same pattern, it could surge to $10,000 or even reach $15,000.
As of now, Ethereum is trading at $3,088.15, with a 0.45% gain over the past week after recovering from a dip to $2,865. Although Ethereum has not reached a new all-time high during this year’s market rally, unlike Bitcoin, which peaked at $73,682, it did reach its highest price of $4,066 in mid-March, the highest since its 2021 peak of $4,860. Despite a 36% increase since the beginning of the year, analysts believe there is still significant potential for growth. The current accumulation phase suggests that once Ethereum breaks out of its pattern, it could experience a substantial price surge, aligning with its historical price pattern.
Other analysts also share a positive outlook for Ethereum. Michaël van de Poppe, a well-known trader, believes Ethereum is nearing the end of its correction phase and could soon begin a bullish trend. He predicts a potential 10% dip in the short term before Ethereum embarks on a rally that could push it past its all-time high. Ali Martinez, another analyst, has identified a “buy signal” on Ethereum’s daily chart using the TD Sequential indicator, indicating a favorable period for investors to enter the market.
Various indicators and market factors suggest that Ethereum is poised for growth. The Market Value to Realized Value (MVRV) ratio, which determines if an asset is overvalued or undervalued, has been declining since mid-March, indicating a good buying opportunity. Additionally, data from CryptoQuant shows that Ethereum’s exchange netflow has been predominantly negative in the past month, indicating a shift from centralized platforms to self-custody methods. This trend reduces immediate selling pressure and is generally considered bullish for the cryptocurrency. The potential approval of a spot Ethereum ETF in the United States could also impact Ethereum’s price, potentially leading to increased institutional investment. However, it could also trigger a “sell-the-news” event, similar to what occurred following Bitcoin ETF approvals in January.
