We expect Ethereum to touch $3,000 in 2024. Our base case Ethereum price forecast for 2024 is $3,000, our best case forecast is $4,000.
Nowadays, the internet is full of predictions. We would like to remind our readers that InvestingHaven was the first in the world to publish crypto forecasts, like our Bitcoin forecast 2017 and, also in 2017, our very first Ethereum price forecast. We were not only the first ones, our forecasts were spot-on, back then. Since then, we have continuously refined our crypto forecasts. We can confidently say that our crypto forecasts are based on quality insights and a lot of deep insights into the dynamics of the crypto market.
Moreover, InvestingHaven was the first in the world to offer a crypto investing research service, since early 2017. Even in a very difficult year, like in 2023, we were able to hit crypto recommendations that went up 600% (Fetch.ai, recommended on Jan 7th, 2023, is just one of the big hits of the year).
With this in mind, we are confident to publish another accurate and useful Ethereum price forecast.
Crypto’s leading indicator
When analyzing a market, any market, we always start by looking at leading indicators. That’s because every market is influenced by specific drivers which we call the leading indicators. We cannot look at an individual asset like Ethereum without understanding the dominant factors influencing the crypto market, first and foremost Bitcoin followed by the US Dollar.
As explained in great detail in our Bitcoin forecast 2024, we forecast that Bitcoin will exceed $60,000 USD in 2024, testing the area $66,000 to $69,000. That’s based on the long term Bitcoin chart combined with US dollar suggest that Bitcoin will move higher in 2024, directionally, acknowledging there will be corrective periods and maybe even one period of intense selling.
We addressed the question whether Bitcoin wil go to $100,000 in 2024, 2025 or 2026. Our answer: Bitcoin has the ability to rise beyond $100,000 in 2025 or 2026 after the ongoing multi-year W-reversal structure will be complete.
Specifically for 2024, on the question how high Bitcoin can go, we concluded that our base forecast for Bitcoin in 2024 is $45,600 with a bullish forecast being $66,000. We expect Bitcoin to move to all-time highs in 2025.
Below is the weekly Bitcoin chart which shows 45.6k USD as a base case target, and the previous highs as next targets. With this in mind, we can proceed to our Ethereum price forecast for 2024.
Ethereum price chart going into 2024
We start our Ethereum price forecast analysis by looking at the daily chart of Ethereum since its ATH, a chart without annotations.
What we observe is a nice consolidation. Remember, promising consolidations feel boring. As explained many times in the past, it is in a quiet state that strength is gathered. This is a universal rule, it applies to Ethereum (useful for our Ethereum prediction) but also to any other cryptocurrency or stock.
Essentially, since March of 2023, the price of Ethereum has been flat, trading in a pretty narrow range between 1,500 and 2,000 USD.
That said, Ethereum is now bumping against resistance. What this really means is that once resistance gives up, which seems to be a matter of time given leading indicators across our 2024 market forecasts but also Bitcoin’s chart setup, Ethereum will be staging a secular breakout.
Ethereum price forecast for 2024
As we add structure to the above Ethereum price chart, it becomes really clear what is happening and where Ethereum is up to in 2024.
As seen on the next chart, Ethereum is hitting the 50% retracement level of its consolidation (its 2021 ATH top to its 2022 lows). The very specific level to take out is 2121 USD.
Based on the bullish consolidation structure discussed above, combined with the breakout level which seems to be taken out sooner or later, it is clear where Ethereum is headed towards: $3,000 USD which is the next level (25% retracement level). That’s our base case forecast – Ethereum price forecast of $3,000 in 2024 seems reasonable.
Moreover, in the most bullish scenario in which $3,000 is taken out, to the upside, it is clear that a lower high against Ethereum’s ATH is going to be a realistic scenario. Again, our Ethereum price forecast 2024 is $3,000, but the best case outcome (not necessarily the highest probability outcome) is $4,000.
Ethereum price forecast for 2024 and beyond
By extending the timeframe of our Ethereum charts, we might be able to look further out in time. That’s why we also complement the weekly chart when doing a forecast.
For Ethereum, specifically, we include the weekly chart, without annotations. As seen below, there is not a lot of new insights we derive from Ethereum’s long term chart. The target of $4,000 which will be hit sooner or later, is confirmed on the long term chart.
What we also see, similar to the daily chart, is that support comes in around 1,200-1,400 USD. While we are not saying that Ethereum will trade below 1,500 USD in 2024, we simply cannot exclude a worst case scenario in which support will be tested again.
Ethereum priced in BTC
In closing, we look at the ETHBTC chart, looking for clues to enrich our Ethereum forecast 2024.
While, very often, cryptocurrencies priced in BTC terms give us additional information, it’s not the case for Ethereum. All we can conclude from the ETHBTC chart is that current support better holds.
Conclusion
The conclusion is clear – our Ethereum price forecast 2024 is directionally bullish. We believe $3,000 will be tested in 2024, best case we might see $4,000 although that is a lower probability.
On the flipside, if an unexpected, black swan event would hit the world and financial markets, we might see support being tested around $1,300.
Once below $1,000 it would be very concerning. The probability of this to happen is low, very low, but never say never.
For more detailed follow ups, but also for top crypto tips, we recommend to follow our premium crypto charting alerts in which we share much more details across 35 tokens, with timely insights combined with perfectly timed buy alerts.
This news is republished from another source.
