Can Ethereum hit $10,000 in 2024?
According to recent Ethereum price analysis, the cryptocurrency is currently trading at $2,934.6, with a 0.68% increase in the last 24 hours. Over the past seven days, Ethereum has seen a growth of 8.15%, and its monthly chart shows an impressive surge of 21.87%. With these positive indicators, experts are now wondering if Ethereum has the potential to reach the important milestone of $10,000 in the coming years.
One significant development that could contribute to Ethereum’s growth is the introduction of Proto-Danksharding, also known as proposal EIP-4844. This new feature, set to launch in mid-March 2024, will allow Ethereum to accept ‘blobs’ of data as transactions, marking a major step towards full Ethereum sharding. This enhancement will enable rollups to expand their capacity by 100 times.
In addition to Proto-Danksharding, other factors could potentially push Ethereum towards the $10,000 range. One notable possibility is the approval of an Ethereum spot exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC). The launch of EigenLayer and re-staking is another crucial development, as it has the potential to significantly reduce the supply of Ethereum. Moreover, the return of the non-fungible token (NFT) craze and Ethereum’s deflationary tokenomics, as noted by the CEO of Moonrock Capital, also contribute to the positive outlook for Ethereum’s price increase.
However, while there is a bullish momentum in the cryptocurrency sector and Ethereum has already broken the psychologically significant price level of $3,000, it may be overly optimistic to expect it to reach $10,000 in 2024. Experts believe that a two-year timeframe is more plausible for Ethereum to hit such a milestone.
It’s important to note that investing in cryptocurrencies is speculative, and there is always a risk of capital loss. Investors should carefully consider these factors before making any investment decisions.
*Disclaimer: This article is not financial advice. It is for informational purposes only. Please consult with a professional financial advisor before making any investment decisions.*
Analyst comment
Neutral news. Analyst’s view: Ethereum has shown strong growth and positive indicators, but reaching $10,000 by 2024 may be overly optimistic. A two-year timeframe is more plausible. Investors should carefully consider the risks before making any decisions.
