TLDR
- Ethereum’s price is expected to reach $10,000 by the end of 2024, according to major financial institutions and crypto experts.
- The recent approval of Ethereum Exchange-Traded Funds (ETFs) by the U.S. SEC has fueled investor enthusiasm and buying interest.
- Whale addresses holding significant amounts of Ethereum (10,000 ETH or more) have increased by 3% in the past three weeks, signaling strong demand from large investors.
- A substantial outflow of Ethereum worth over $1 billion from Coinbase, the largest cryptocurrency exchange, suggests reduced selling pressure and a potential price surge.
- The launch of Spot Ethereum ETFs is anticipated to attract more institutional and retail investors, further driving up demand and potentially pushing the price beyond $10,000.
Ethereum, the second-largest cryptocurrency by market capitalization, is experiencing a remarkable surge in investor interest and bullish market dynamics.
According to major financial institutions and crypto experts, the price of Ethereum could potentially exceed $10,000 by the end of 2024, driven by a confluence of factors.
One of the most significant catalysts for Ethereum’s bullish outlook is the recent approval of Ethereum Exchange-Traded Funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
This regulatory approval paves the way for the launch of these investment vehicles, which will allow investors to gain exposure to Ethereum’s performance without directly holding the cryptocurrency.
The ETFs are expected to attract a influx of institutional and retail investors, further boosting demand and potentially driving up the price.
Coinciding with this development, on-chain data reveals a notable increase in whale addresses holding substantial amounts of Ethereum.
Crypto analyst Ali Martinez reported a 3% uptick in Ethereum addresses holding 10,000 ETH or more over the past three weeks. This surge in mega-whale addresses is often interpreted as a strong signal of confidence in Ethereum’s prospects from large investors, commonly referred to as whales.
A staggering 336,000 ETH, worth nearly $1.209 billion, was recently withdrawn from Coinbase, the largest cryptocurrency exchange.
This significant outflow marks the largest single instance of Ethereum being moved off Coinbase this year. Such a substantial withdrawal typically suggests that holders are transferring their Ethereum to private wallets or other platforms, potentially for long-term storage.
When cryptocurrencies are moved off exchanges, it often indicates that holders are opting for long-term investment, which can contribute to price stability or even potential price increases due to reduced immediate selling pressure.
Adding to this bullish sentiment, the amount of Ethereum held on centralized exchanges is now at its lowest point in eight years. This reduced supply on exchanges could contribute to a more stable market and potentially drive up the price of Ethereum.
With a limited supply available for immediate sale, the likelihood of price surges increases, especially if demand remains high or continues to grow.
Analysts have also drawn parallels between Ethereum’s current price action and its performance in 2021, when it recorded a remarkable rally of 83%.
Famous analyst Caled Frazen has emphasized the striking similarities between the current price patterns and those observed in 2021, although cautioning that historical patterns often rhyme but do not repeat exactly.
