Ethereum is predicted to reach a record high in 2024

Analysts predict that Ethereum (ETH) could reach record highs in 2024, but the probability of this remains low. Derive founder Nick Forster claims that several conditions need to be met for such growth.

According to Forster, the growth of ETH $2,675.38 Bridged Ether (StarkGate) -0.98% Market capitalization $0.2 billion VOL. 24 hours $0.37 billion will be aided by Donald Trump’s victory in the US presidential election, aggressive interest rate cuts by the Federal Reserve, and a general increase in global liquidity. Even with the approval of spot ETFs on Ethereum, the cryptocurrency faces competition from tech stocks that are currently generating higher returns.

Despite this, traders remain optimistic and hope for a price surge in the near future. They also point to the increased volatility of ethereum, which could increase its price by 10−15% in the event of significant global events, such as the US election.

Technical analysts argue that indicators such as the Relative Strength Index show the possibility of a rally or a short-term rise in ETH. Some experts believe that Ethereum is preparing to reach five-digit levels. However, the market remains unpredictable, and any investments should be made with caution.

It is worth noting that CryptoQuant analysts predict that the correction of the Ethereum rate is nearing completion, and the asset may soon demonstrate a significant price breakthrough. According to their estimates, after several weeks of liquidation of traders' positions in the market, buyers of the leading altcoin are regaining their strength.