Ether (ETH), the popular cryptocurrency, has the potential to surpass the $5,400 mark in 2024, according to a technical price indicator used by traders to determine if a cryptocurrency is overbought or oversold.
The analysis, shared by CryptoQuant-verified author Binhdangg in a March 21 post, is based on the Mayer multiple oscillator. This oscillator calculates a ratio by comparing Ether’s current price with its 200-day moving average (MA). It suggests that in a high-risk scenario, Ether could reach the upper band of the indicator, which could be significantly higher than $5,400.
Bitfinex analysts also believe that Ether’s price has the potential to go beyond $5,400. Currently, Ether is trading above the $3,500 mark, which is about 27% below its all-time high of $4,891 reached on November 16, 2021.
Market participants are also optimistic about Ether’s future. Over 62% of them expect Ether to reach its previous all-time high in 2024, an increase from 45% a month ago, according to predictions market Polymarket.
Another factor that could influence Ether’s price is the potential approval of a spot Ether exchange-traded fund (ETF). This event is highly anticipated and could impact Ether’s short- to medium-term price trajectory. However, the approval of an Ether ETF is less certain than the previous approval of Bitcoin ETFs, as regulatory scrutiny from the United States Securities and Exchange Commission (SEC) is expected.
The SEC has postponed its decision on several Ether ETF applications, including VanEck’s, until May 23. The decisions on the Hashdex and ARK 21Shares spot Ether ETFs have also been delayed until late May.
It’s important to note that this article does not provide investment advice or recommendations. Investing and trading in cryptocurrencies carry risks, and readers should conduct their own research before making any decisions.