Ether (ETH) Could Reach $5,400 by 2024 Due to Mayer Multiple Oscillator Predictions
Summary:
The Ether (ETH) price has the potential to reach $5,400 in 2024, according to traders using the Mayer multiple oscillator. The current trading value of Ether is over $3,500, about 27% short of its all-time high. The potential approval of a spot Ether exchange-traded fund (ETF) could significantly influence Ether’s short-to-medium-term price trajectory. The SEC has deferred its decision on VanEck’s ETF application to late May, and it also postponed decisions on the Hashdex and ARK 21Shares spot Ether ETFs to the same period.
Traders resorting to a technical price gauge that assesses whether a cryptocurrency is in a state of overbought or oversold, suggest that the price of Ether (ETH) may escalate to $5,400 by the year 2024. This high-stakes estimate concerning Ether’s value relies on the Mayer multiple oscillator, a metric designed to compare Ether’s present rate with its 200-day average moving price. This analytical coverage was brought forward by binhdangg, a CryptoQuant-verified author on March 21st.
Regardless of the Mayer Multiple Chart painting the potential for Ether’s price to touch this indicator's upper band, specialists from Bitfinex informed Cointelegraph that the actual value might exceed the anticipated $5,400.
"We predict an oversold state by year-end, following the asset's tendency to fluctuate between the indicator's overbought and oversold markers. However, considering that this is a constantly moving average-based difference, the upper band might be significantly elevated above the $5,400 margin by the time the price arrives at those levels," they added.
As per data from CoinMarketCap, Ether’s current trading value is over $3,500, marking a 27% gap to bridge to reach its record-breaking high of $4,891, attained on November 16, 2021.
Statistics from prediction market Polymarket disclose that the percentage of market players predicting Ether to level with its record 2024 high has risen from 45% to 62% within a month.
Analysts from Bitfinex posit that due to the incremental fundamental value the Dencun upgrade brings, the ETH/BTC ratio might align with the 2021 bull market highs, resulting in an estimated Ether value of $5,900 based on the existing Bitcoin market price. They conveyed expectations for the Bitcoin price to escalate from its present levels by the time the ETH/BTC ratio gets there.
John Lo from Recharge Capital contends that the event wielding the most influence over Ether’s mid-to-short-term price route is the prospective approval of a spot Ether exchange-traded fund (ETF). However, he warned of likely increased regulatory examination from the SEC in comparison to the approved Bitcoin ETFs.
The SEC has pushed back its judgment concerning VanEck’s ETF application to May 23 whilst also holding off its verdict on the Hashdex and ARK 21Shares spot Ether ETFs on March 19. The final deadlines for a decision on both ETF applications are set for the end of May.
The article emphasizes that it neither contains investment advice nor recommendations. It also advises readers about risks involved with every investment and trading move, urging them to conduct independent research prior to decision-making.
Published At
3/21/2024 9:30:00 PM
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