In the year 2023, Ethereum (ETH) made notable progress, though it didn’t shine as brightly as some other altcoins like Solana (SOL) and Avalanche (AVAX). While ETH saw an increase of about 90%, SOL surged by nearly 1000%, and AVAX rose by over 200%.
Looking ahead, there’s growing speculation that 2024 could be a pivotal year for Ethereum, possibly pushing its boundaries further.
Ethereum Price Analysis
Credible Crypto, a respected figure in cryptocurrency analysis and trading, recently shared ambitious predictions for Ethereum in 2024. Through the digital platform X, he conveyed his belief that ETH could reach a minimum of $10,000 this year. This projection would signify a substantial 343% rise from its current value.
Additionally, he presented a maximum target of $20,000 for ETH in 2024, indicating a potential growth of 786%. Examining recent trends, Credible Crypto pointed to a price bottom near $2,100 for ETH. He expects a possible rise to $2,160 before targeting a breakthrough above the $2,400 resistance level. This positive perspective aligns with data from the blockchain analytics firm, santiment 
santiment On-Chain 
, which suggests an increased accumulation of Ethereum by major holders.
What are the Ethereum Whales Up To?
Santiment’s data indicates that the top 150 self-custody wallets now hold a record 56.25 million ETH. In contrast, the amount held in exchange wallets is at its lowest since June 2018, standing at 9.46 million ETH. When combined, these top 150 holders collectively own 65.71 million ETH, marking a new high in their holdings. As of the latest update, Ethereum is valued at $2,255.
Also Read: Ethereum Price Prediction for 2024: Can Vitalik Buterin’s Roadmap Lead ETH to $5000?
Factors Influencing Ethereum’s Potential Growth
Ethereum’s potential ascent to $10,000 in 2024 is based on several factors. Firstly, there’s anticipation of a positive market reaction if the SEC approves a spot Bitcoin ETF and Bitcoin undergoes its halving event. Such developments could trigger a market momentum similar to the one observed in 2021. If Bitcoin achieves a new peak, it’s likely that Ethereum will follow a similar path.
Additionally, the potential approval of an ETH ETF, with interest from significant entities like BlackRock and the SEC’s acknowledgement of Ethereum’s commodity status, may facilitate a more favorable environment for Ethereum, potentially aiding its upward trajectory.
